the four elements - land, labour, capital and enterprise - used in the production of goods and services
factors of production
1 of 26
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
2 of 26
when a business gives another business the right to supply its product or service
franchise
3 of 26
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
4 of 26
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
5 of 26
legal protection against copying for authors, composers and artists
copyright
6 of 26
the anticipation and satisfying of customers' wants in a way that delights consumers and also meets the needs of the organisation
marketing
7 of 26
a report describing the market strategy, operational issues and financial implications of a business start-up
business plan
8 of 26
a feature of a product or service that allows it to be different from other products
USP
9 of 26
sales revenue minus the cost of bought-in materials, components and services
value added
10 of 26
the process of increasing the worth of resources by modifying them
adding value
11 of 26
those organisations involved in providing services to customers and to any other business, either the public or private sector
tertiary sector
12 of 26
those organisations involved in processing or retreiving the raw materials from the primary sector into finished or semi-finished products
secondary sector
13 of 26
those organisations involved in extracting raw materials
primary sector
14 of 26
the process whereby resources are converted into a form that is intended to satisfy the requirements of potential customers
production
15 of 26
a place where buyers and sellers come together
the market
16 of 26
a group of respondents selected according to particular features. However, sampling the sub-groups and their sizes are chosen specifically
stratified sample
17 of 26
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
18 of 26
the collection of information about the market based on numbers
quantative market research
19 of 26
the collection of information about the market based on subjective factors such as opinions and reasons
qualitative market research
20 of 26
the use of information that has already been collected for a different purpose
secondary research
21 of 26
the collection of information first-hand for a specific purpose
primary research
22 of 26
the systematic and objective collection, analysis and evaluation of information that is intended to assit the marketing process
market research
23 of 26
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
24 of 26
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
25 of 26
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
26 of 26
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
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
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.
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