Unit 1 Key Terms (1)

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  • Created by: hannahx
  • Created on: 01-01-13 16:29
the four elements - land, labour, capital and enterprise - used in the production of goods and services
factors of production
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an official document granting the holder the right to be the only user or producer of a newly invented product or process for a specified period
patent
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when a business gives another business the right to supply its product or service
franchise
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the 'real cost' of taking a particular action or the next best alternative forgone, i.e. the next best thing that you could have chosen but didn't
opportunity cost
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individuals who have an idea that they develop by setting up a new business and encouraging it to grow. They take the risk and the subsequent profits that come with success or the losses that come with failure.
entrepreneur
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legal protection against copying for authors, composers and artists
copyright
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the anticipation and satisfying of customers' wants in a way that delights consumers and also meets the needs of the organisation
marketing
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a report describing the market strategy, operational issues and financial implications of a business start-up
business plan
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a feature of a product or service that allows it to be different from other products
USP
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sales revenue minus the cost of bought-in materials, components and services
value added
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the process of increasing the worth of resources by modifying them
adding value
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those organisations involved in providing services to customers and to any other business, either the public or private sector
tertiary sector
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those organisations involved in processing or retreiving the raw materials from the primary sector into finished or semi-finished products
secondary sector
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those organisations involved in extracting raw materials
primary sector
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the process whereby resources are converted into a form that is intended to satisfy the requirements of potential customers
production
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a place where buyers and sellers come together
the market
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a group of respondents selected according to particular features. However, sampling the sub-groups and their sizes are chosen specifically
stratified sample
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a group of respondents comprising several different segments, each sharing a common feature. the number of interviewees in each classification is fixed to reflect their percentage in the total target population
quota sample
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the collection of information about the market based on numbers
quantative market research
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the collection of information about the market based on subjective factors such as opinions and reasons
qualitative market research
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the use of information that has already been collected for a different purpose
secondary research
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the collection of information first-hand for a specific purpose
primary research
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the systematic and objective collection, analysis and evaluation of information that is intended to assit the marketing process
market research
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this has a legal identity that is separate from the individual owners. as a result, the organisations can own assets, owe money and enter into contracts in their own right. E.g. Ltd and PLC
incorporated business
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there is no distinction in law between the individual owner and the business itself. the identity of the business and owner is the same. such businesses tend to be sole traders or partnerships
unincorporated business
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the percentage or proportion of the total sales of a product or service achieved by a firm or a specific brand of a product
market share
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Other cards in this set

Card 2

Front

an official document granting the holder the right to be the only user or producer of a newly invented product or process for a specified period

Back

patent

Card 3

Front

when a business gives another business the right to supply its product or service

Back

Preview of the front of card 3

Card 4

Front

the 'real cost' of taking a particular action or the next best alternative forgone, i.e. the next best thing that you could have chosen but didn't

Back

Preview of the front of card 4

Card 5

Front

individuals who have an idea that they develop by setting up a new business and encouraging it to grow. They take the risk and the subsequent profits that come with success or the losses that come with failure.

Back

Preview of the front of card 5
View more cards

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