A business set up to achieve rewards for society, they are a non-profit making business e.g. charities.
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Channels of Distribution
The methods used to transfer goods and service from the producer to the final consumer.
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Job Production
Making on off specialist products for each customer as per customers requirements or design.
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Batch Production
Making groups of identical products that pass through different stages of the production process at the same time.
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Limited Liability
Limited liability is where a business has a separate legal identity that the owners of the business. Therefore if the business fails owners are only liable to lose what they have invested into the business.
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Unlimited Liability
Unlimited liability is when the business and the owner have the same legal identiy. Therefore if the buisness fails the owner must pay back all the businesses debts and they could lose their personal belongings.
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Sole Trader
A business that is owned or controlled by one person.
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Partnership
A business that is owned by two or more people.
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Flow Production
Flow production involves a continuous flow of products through the production process.
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Stakeholder
A stakeholder is anyone with an interest in a business. Stakeholders are individuals, groups or organisations that are affected by the activity of the business.
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Franchise
The legal right to use the name and logo of an existing company and sells the same products.
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Gap in the market
A business opportunity that is either a completely new idea or adds something different to an existing product or service.
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Business Plan
A business plan shows what a business aims to achieve and how it will achieve the aims and objectives.
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Fit for Purpose
A law where the products sold to the customers must be suitable to use.
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Fringe Benefits
Non-monetary rewards e.g company car.
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Other cards in this set
Card 2
Front
The methods used to transfer goods and service from the producer to the final consumer.
Back
Channels of Distribution
Card 3
Front
Making on off specialist products for each customer as per customers requirements or design.
Back
Card 4
Front
Making groups of identical products that pass through different stages of the production process at the same time.
Back
Card 5
Front
Limited liability is where a business has a separate legal identity that the owners of the business. Therefore if the business fails owners are only liable to lose what they have invested into the business.
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