Keywords

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Market Share
Percentage of all sales held by one company or brand.
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Adding Value
Businesss do things to their products to increase price.
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Franchise
Where a large business allows you to use there name on a smaller business e.g.McDonalds
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Franchisor
Allows use of name and provides equiptment needed.
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Franchisee
Pay a start up fee then make regular payments to franchisor. This is called a royalty.
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Invention
Having a completely original idea, and showing how it can work in theory
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innovation
putting the new ideas into practise
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Risk
Not knowing the consequences (chance/probobility) of something going wrong
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Calculated Risk
A consideration of costs and benefits
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Revenue
Another name for money that a business gets from selling goods, also known as sales revenue, turnover and sales turnover.
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Sales Volume
Number of sales.
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Price
What customers pay
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Cost
What businesses need to pay out.
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Product of trial
Consumer samples a product for the first time.
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Repeat Purchase
customer that regularly purchases a brand
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Product life cycle
shows the different stages that a product passes through, and the sales that can be excpected from that paticular stage.
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Boston Matrix
A method of studying products based on market share and market growth.
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Variable Costs
Miney coming out
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Enterprise
providing goods and services involving financial and commercial and industrial aspects.
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Profit/Loss
Revenue - Total Costs.
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Short Term Finance
Borrowed capital that will be repaid within one year
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Revenue
money coming in (number of customers times how much they spend)
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exchange rates
the value of one currency for the purpose of conversion to another.
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Fixed Costs
business costs, such as rent, that are constant whatever the amount of goods produced.
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Customer Service
the assistance and advice provided by a company to those people who buy or use its products or service.
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Share Capital
The money a business obtains by selling shares to investors
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loan capital
Only a source of borrowing probably from a bank in the form of a mortgage payed back over 20 years.
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Venture Capital
A firm which invests money in to another company which they think may successed
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Profits
The difference between selling price and the cost of production
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Bank over draft
Agreement from the bank that you are allowed to use there money
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Trade Credit
Where you don't have to pay your supplier immediately, usually have 30 days of credit in which they don't have to pay their bills
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leasing
A way of obtaining assessts
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Price Maker
A company who sets the price
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Price Taker
Follow Branded products
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Recruitment
The process the business will go through to encourage individuals to apply for a posistion
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Selection
The process the business goes through to choose the right person for the job
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Induction
Initial training to make newcomers feel comfortable in their new job
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Training
Training that takes place away from the job e.g. at college or company training centre
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On the job
training that takes place whilst working at the job
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Staff absenteeism
Able to keep your staff happy
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Labour turnover
Staff joing and leaving a company
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Commodoities
A product where there is little difference in supply- they have no brand, usually sold in bulk
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Equlibrim
the equilibrium price is the price at which the amount buyers demand and the amount sellers supply is exactly the same
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Depsosable Income
The amount consumers have left to spend after paying for the essential bills
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Stock control
The procedures needed to ensure that stock is ordered and delivered so that customer demand can be met.
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Quality Control
Testing quality of spot weld, its got to be safe, right shape and size
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Continious improvement
looking for ways to improve a componay.
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Maximum stock level
maximum stock a business can hold
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Lead Time
Time between ordering stock and it being delievered.
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Stock Rotation
Coming in and out of business e.e. tesco food.
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Buffer Stock
the minimum amount of stock a firm wants to hold this should be sufficient to cover delievery problems
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Other cards in this set

Card 2

Front

Businesss do things to their products to increase price.

Back

Adding Value

Card 3

Front

Where a large business allows you to use there name on a smaller business e.g.McDonalds

Back

Preview of the back of card 3

Card 4

Front

Allows use of name and provides equiptment needed.

Back

Preview of the back of card 4

Card 5

Front

Pay a start up fee then make regular payments to franchisor. This is called a royalty.

Back

Preview of the back of card 5
View more cards

Comments

rilla_kid

very helpful but could i download this is the question?

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