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Business flashcard alansnackbar

1
Q

Supplier

A

A business which sells (or supplies) products to another business.

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2
Q

Customer

A

Any person or organisation which buys or is supplied with a product or by a business.

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3
Q

consumer

A

The person who ultimately uses (or consumes) a product.

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4
Q

customer needs

A

Value for money
Disability access
Good quality
Safe environment

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5
Q

Primary (or field) research

A

The gathering of new information which has not been collected before. E.g Survey, focus group, interview

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6
Q

survey

A

Research involving asking questions of people or organisations.

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7
Q

respondents

A

Those who provide data for a survey usually by answering questions in a questionnaire or interview.

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8
Q

A list of questions to be answered by respondents, designed to gather information about consumers’ tastes.

A

questionnaire

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9
Q

In market research, a group of people brought together to answer questions and discuss a product, brand or issue.

A

focus group

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10
Q

Information that has already been gathered e.g sales records, government statistics, newspaper articles

A

secondary(or desk) research

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11
Q

Information about opinions, judgements and attitudes. E.g interviews, focus groups, questionnaires

A

qualitative data

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12
Q

Data that can be expressed as numbers and can be statistically analysed. E.g survey, sales data

A

quantitative data

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13
Q

Part of a market that contains a group of buyers with similar buying habits, such as age or income.

A

market segment

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14
Q

When the price is very important in the decision about whether or not to buy.

A

price sensitive

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15
Q

A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality.

A

Market Map (Perceptual Map or Positioning Map

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16
Q

Occurs when no business is currently serving the needs of customers for a particular product.

A

gap in the market

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17
Q

product range

A

A group of similar products made by a business like a number of different soap products.

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18
Q

A named product which customers see as being different from other products and which they can associate or identify with.

A

brand

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19
Q

added value

A

The increase worth that a business creates for a product; it is the difference between what a business pays to its suppliers and the price that is able to charge for the product/ service.

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20
Q

A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.

A

unique selling point

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21
Q

The right given by one business to another to sell goods or services using its name.

A

franchise

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22
Q

A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.

A

Franchisee

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23
Q

The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.

A

franchisor

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24
Q

A person who owns and runs their own business and takes risks.

A

entrepreneur

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25
Q

A willingness by an individual or a business to take risks, show initiative and undertake new ventures.

A

enterprise

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26
Q

Physical, tangible products like a car, a pair of scissors or a television set.

A

goods

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27
Q

Non-physical, intangible products like a taxi journey, a haircut or a television programme.

A

service

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28
Q

An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.

A

competitive advantage

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29
Q

Thinking differently to try and find new and unexpected ideas.

A

lateral thinking

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30
Q

A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem.

A

blue skies thinking

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31
Q

The discovery of new processes and potential new products, typically after a period of research.

A

invention

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32
Q

innovation

A

The process of transforming inventions into products that can be sold to customers.

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33
Q

patent

A

Right of ownership of an invention or process when it is registered with the government.

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34
Q

copyright

A

Legal ownership of material such as books, music and films which prevents these being copied by others.

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35
Q

Trademark

A

The symbol, sign, or other features of a product or business that can be protected by law.

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36
Q

The probability of a negative event occurring.

A

calculated risk

37
Q

Targets expressed in money terms such as making a profit, earning income or building wealth.

A

financial objectives

38
Q

Specific, measurable, achievable, realistic and timed

A

SMART

39
Q

The amount of income received from selling goods or services over a period of time

A

Revenue/Turnover

40
Q

TR = P x Q

Total Revenue = Price x Quantity

A

Total revenue

41
Q

sales volume

A

The number of items or products or services sold by a business over a period of time.

42
Q

fixed costs

A

Costs which do not vary with the output produced such as rent, business rates, advertising costs, administration costs and salaries.

43
Q

Total costs

A

All the costs of a business; it is equal to fixed costs plus variable costs.

44
Q

total costs formula? :)

A

TC = FC + VC

Total Costs = Fixed Costs + Variable Costs

45
Q

variable cost

A

Costs which change directly with the number of products made by a business such as the cost of buying raw materials.

46
Q

profit and formula

A

Occurs when the revenues of a business are greater than its costs over a period of time.
TR - TC = P

47
Q

cash flow

A

the flow of cash in and out of a business

48
Q

inflows

A

cash flowing into a business (receipts)

49
Q

outflows

A

cash flowing out of a business (payments)

50
Q

net profit & formula

A

The receipts of a business minus its payments

Inflows – Outflows = Net Cash Flow

51
Q

share capital

A

the part of the capital of a company that comes from the issue of shares (the funding invested by shareholders)

52
Q

capital

A

money or wealth needed to produce goods and services

53
Q

shareholder

A

A shareholder is any person, company or other institution that owns at least one share of a company’s stock, and owns the company

54
Q

shares

A

Shares represent ownership of a company. When an individual buys shares in your company, they become one of its owners.

55
Q

insolvency

A

When a business can no longer pay its debts

56
Q

cash flow forecast

A

A prediction of how cash will flow through a business in a period of time in future

57
Q

closing balance

A

The amount of money in a business at the end of the month

58
Q

opening balance

A

The amount of money in a business at the start of the month

59
Q

trade credit

A

Where a supplier gives a customer a period of time to pay a bill (or invoice) for goods or services once they have been delivered

60
Q

Materials that a business holds. Some could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to customers.

A

stocks

61
Q

Sources of money for businesses that are borrowed or invested typically for more than a year e.g Mortgage, Venture Capitalist

A

long term finance

62
Q

Sources of money for businesses that may have to be repaid with immediately or fairly quickly, such as an overdraft, usually within a year.

A

short term finance

63
Q

Money that has been set aside and not spent by individuals and households.

A

personal savings

64
Q

An individual or company which buys shares in what they hope will be a fast growing company with a long term view of selling the shares at a profit.

A

venture capitalist

65
Q

Borrowing a sum of money which has to be repaid with interest over a period of time, such as 1-5 years.

A

loan

66
Q

Assets owned by a business which are used to guarantee repayments of a loan; if the business fails to pay off the loan, the lender can sell what has been offered as security.

A

collateral

67
Q

a long term loan (like 25 yrs) where property is used as collateral

A

mortgage

68
Q

A share of the profits of a company received by shareholders who own shares.

A

dividend

69
Q

Profit which is kept back in the business and used to pay for investment in the business.

A

retained profit

70
Q

renting equipment or premises

A

leasing

71
Q

Borrowing money from a bank by drawing more money than is actually in a current account. Interest is charged on the amount overdrawn.

A

overdraft

72
Q

A source of finance where a business is able to receive cash immediately for the invoices it has issued from a factor, such as a bank, instead of waiting the typical 30 days to be paid.

A

factoring

73
Q

The combination of factors which help the business to take into account customer needs when selling a product – usually summarised as the 4 Ps, which are price, product, promotion and place

A

marketing mix

74
Q

The amount of money customers have to give up to acquire a product

A

price

75
Q

A good or service produced by a business or organisation and made available to customers for consumption

A

product

76
Q

Communication between the business and customer, making the customer aware that the product is for sale, telling or explaining to them what is the product, making the customers aware of how the product will meet the customers’ needs and persuading them to buy it for the first time or again.

A

promotion

77
Q

The way in which a product is distributed – how it gets from the producer to the consumer

A

place

78
Q

The only owner of a business which has unlimited liability.

A

sole proprietor

79
Q

A legal obligation on the owner of a business to settle (pay off) all debts of the business. In law there is no distinction between what the business owes and owns and what the business owns and owes.

A

unlimited liability

80
Q

When shareholders of a company are not personally liable for the debts of the company; the most they can lose is the value of their investment in the shares of the company.

A

limited liability

81
Q

The government authorities in the UK responsible for collecting tax.

A

HM Revenues and Customs (HMRC)

82
Q

VAT

A

A tax on the value of sales: it is paid by businesses to government.

83
Q

income tax

A

A tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their net earnings.

84
Q

National Insurance Contributions (NICs)

A

A tax on the earning of workers; Employers’ National Insurance contributions are paid by employers on the wages of their workers; employees and sole traders have to pay National Insurance contributions on their earnings.

85
Q

corporation tax

A

A tax on the profits of limited companies.

86
Q

customer service

A

The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations.

87
Q

customer satisfaction

A

A measure of how much products meet customers’ expectations.

88
Q

repeat purchase

A

Orders or sales that occur from customers who have bought the product or service in the past.

89
Q

stakholders

A

An individual or a group which has an interest in and is affected by the activities of a business; stakeholders have an interest in how the business operates and whether or not it is successful.

business (2 decks)

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