2nd Set Flashcards
What is market research?
Market research isa process of systematically collecting, recording and analysing information concerning a specific market.
What is demand?
Demand is the quantity of a product that consumers are prepared to purchase
What are market conditions?
They are the features of a market which a new product or service is to be introduced, and include factors such as the number of potential customers, level of competition and potential for growth.
What is innovation?
Innovation is either creating a new product, service or process, or significantly improving an existing one.
What is research and development?
R&D is a set of activities undertaken to: improve existing products, creating new products and improve production.
What is entrepreneurship?
Entrepreneurship is the ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit.
What is a business entity?
A business entity is any organisation engaged in the production of goods and services.
What is an incorporated business?
A business that is incorporated has a separate legal entity from the owner.
What us a sole trader?
A sole trader (proprietor) business is a business owned and operated by one person.
What is unlimited liability?
Unlimited liability means the business owner is personally responsible for all the debts of his or her business.
What is a partnership?
A partnership is an unincorporated legal business structure with a minimum of two and a maximum of 20 owners.
What is a silent partner?
A silent or sleeping partner contributes financially to the business but takes no part in the running of the business.
What is an incorporation?
Incorporation is the process that businesses go through to become a register company or separate legal entity.
What is a shareholder?
Shareholders are owners of a company.
What is limited liability?
Limited liability means that the shareholders in a company cannot be held personally responsible for the debts of the business.
Wha is a proprietary company?
A proprietary (private) company is an incorporated business with a minimum of two, and a maximum of 50 private shareholders.
What is a cooperative?
A cooperative is a democratic organisation owned and controlled by the people it serves, who join together for a common benefit.
What is a trust?
A trust is a business structure where a trustee (usually a company) holds property or carries out business on behalf of the members of the trust, known as beneficiaries.
What is goodwill?
Goodwill is a monetary value attached to the reputation of a particular business.
What is a franchise?
A franchise means buying the rights from another business to distribute its products under its name.
What is a franchisor?
A franchisor is an individual or organisation that grants a franchise.
What is a franchisee?
A franchisee is an individual or organisation that purchases a franchise.
What is zoning?
Zoning is a means by which local councils allocate land for different uses, such as residential, commercial, recreational and industrial.
What is a complementary business?
A complementary business offers products or services that are related to a different business and that may be of use to the customers of that business.
