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Business management > Business 1 > Flashcards

Business 1 Flashcards

1
Q

Entrepreneurship

A

starting or operating a business, taking business opportunities. Taking risks in hope to make a profit.

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2
Q

Business opportunities

A

a set of circumstances that a person can perceive as an avenue for success

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3
Q

Innovation

A

The process of creating a new or significantly improved good, service or process(way of doing something)

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4
Q

Market Opportunities

A

changes in markets
inefficiency in a market
a ‘gap’ in the market

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5
Q

Customer needs

A

Conducting comprehensive customer experience research, customer surveys, and usability testing

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6
Q

Global Markets

A

expand the business
extended life cycle of products

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7
Q

SMART Goals

A

Specific
Measurable
Attainable(how)
Relevant
Time bound

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8
Q

Business plan

A

a business plan outlines the goals of a business

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9
Q

Financial Goals

A

making a profit
increase sales
productivity
efficiency
effectiveness

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10
Q

Social Goals

A

community service
social justice
ecological sustainability

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11
Q

Personal Goals

A

higher income
improved financial security

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12
Q

Protecting intellectual property

A

trademark
copyright
domain name

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13
Q

Market research

A

identifying information
gathering information
analysing and interpreting

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14
Q

Market conditions

A

Market conditions for a particular good or services

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15
Q

Initial Feasibility Studies

A

An assessment of the business idea’s potential for success.

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16
Q

Business concept development

A

Is a idea that could be used to make money

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17
Q

Patent

A

Patent is the right granted for an invention that is new and useful

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18
Q

Trademark

A

its your registered brand

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19
Q

mission statement

A

describes what the business does and how it will achieve its vision

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20
Q

Vision statement

A

describes where the business wants to be in the future (e.g five years from now)

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21
Q

Domain name

A

register a domain name (unique business address on internet) so then nobody can register it

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22
Q

Design rights

A

rights given to the owner to commercially use, license, or sell a design (the visual appearance of a product)

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23
Q

Gross domestic product (GDP)

A

the monetry value of all the finished goods and services produced in Australia over a specific period.

24
Q

Social Wellbeing

A

refers to how well a nation’s people live access to needs and services

25
Q

Corporate Social Responsibility

A

Businesses taking steps beyond what is required by law to ensure that the broader social welfare of the community, including employees, customers, suppliers and the environment is taken into consideration when conducting business dealings

26
Q

Internal environment

A

employees
managers
company policies

27
Q

External environment

A

legal
political
social
economic
technological
global
corporate social responsibility

28
Q

Operating environment

A

customers
suppliers
competitors

29
Q

Macro environment

A

changes in the environment can affect all businesses
conditions and trends in the economy and society

30
Q

Incorporation

A

has a separate legal identity to its owners (shareholders)
shareholders have the benefits of limited liability
process that companies go through to become a separate legal entity from the owner/s

31
Q

Incorporated

A

separate legal entity

32
Q

uncorporated

A

no separate legal entity

33
Q

sole trader

A

one person running a business

34
Q

partnership

A

uncorporated business ownership
requires 2 people to run a business

35
Q

Proprietary (Private) Companies

A

have at least one shareholder
not listed on stock exchange

36
Q

Publicity listed company

A

the shares are listed on the ASX
General public may buy shares

37
Q

Business model

A

the way the business will run its operations to generate a profit

38
Q

Bricks and Morter

A

Businesses that have a physical location

39
Q

Online Businesses

A

exists solely on the internet

40
Q

Direct to customer businesses

A

sell products directly to consumers without any retailers to whole salers

41
Q

Franchise

A

buys the rights to use the business name and distribute the goods or services of an existing business

42
Q

Franchisee

A

Buyer

43
Q

Franchisor

A

seller

44
Q

Import and export

A

generating sales revenue by trading that are produced in Australia to be sold overseas

45
Q

Goodwill

A

the monetary value attached to the reputation of a business

46
Q

Natural resources

A

come from natural environment
land
water
raw materials

47
Q

Labour resources

A

employees, the owner

48
Q

Capital resources

A

tools and machinery

49
Q

Self funding

A

personal finance

50
Q

Private investors

A

investors may contribute funds to the business in return for a share

51
Q

crowdfunding

A

money from online and social media networks

52
Q

Societal attitudes and behaviours

A

values, and beliefs

53
Q

interest rates

A

the price charged or paid for the use of money that has been deposited or borrowed

54
Q

Triple bottom line

A

the economic, enviornmental and social performance of a business

55
Q

Tax rate

A

tax is a cost for a business. Income tax and company tax is imposed as a percentage of a business net income

56
Q

Globalisation

A

hi-tech communications, lower transport costs, unrestricted trade, financial flow turning the world into a single market

Business management (1 decks)

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