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Business Key Terms (Cameron) Flashcards

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

Questionnaire

A

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

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9
Q

Focus group

A

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

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10
Q

Secondary (or desk) research

A

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

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11
Q

Qualitative data

A

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

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12
Q

Market segment

A

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

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13
Q

Price sensitive

A

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

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14
Q

Market Map (Perceptual Map or Positioning Map)

A

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.

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15
Q

Gap in the market

A

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

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16
Q

Product range

A

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

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17
Q

Brand

A

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

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18
Q

Added Value

A

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

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19
Q

Unique selling point or USP

A

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

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20
Q

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

A

Franchise

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21
Q

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

A

Franchisee

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22
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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23
Q

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

A

Entrepreneur

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24
Q

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

A

Enterprise

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25
Physical, tangible products like a car, a pair of scissors or a television set.
Goods
26
Non-physical, intangible products like a taxi journey, a haircut or a television programme.
Services
27
An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.
Competitive Advantage
28
Thinking differently to try and find new and unexpected ideas.
Lateral Thinking
29
A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem.
Blue Skies Thinking
30
The discovery of new processes and potential new products, typically after a period of research.
Invention
31
Innovation
The process of transforming inventions into products that can be sold to customers.
32
Patent
Right of ownership of an invention or process when it is registered with the government.
33
Legal ownership of material such as books, music and films which prevents these being copied by others.
Copyright
34
Trademarks
The symbol, sign, or other features of a product or business that can be protected by law.
35
The probability of a negative event occurring.
Calculated Risk
36
Financial Objectives
Targets expressed in money terms such as making a profit, earning income or building wealth.
37
Specific, measurable, achievable, realistic and timed
SMART
38
Revenues Sales Revenue Turnover Sales Turnover
The amount of income received from selling goods or services over a period of time
39
Total Revenue
TR = P x Q | Total Revenue = Price x Quantity
40
Sales volume
The number of items or products or services sold by a business over a period of time.
41
Fixed costs
Costs which do not vary with the output produced such as rent, business rates, advertising costs, administration costs and salaries.
42
Total Costs
All the costs of a business; it is equal to fixed costs plus variable costs.
43
Total Costs
TC = FC + VC | Total Costs = Fixed Costs + Variable Costs
44
Costs which change directly with the number of products made by a business such as the cost of buying raw materials.
Variable Costs
45
Profit
Occurs when the revenues of a business are greater than its costs over a period of time. TR - TC = P
46
Cash Flow
The flow of cash into and out of a business
47
The cash flowing into a business, its receipts
Inflow
48
The cash flowing out of a business, its payments
Outflow
49
Net Cash Flow
The receipts of a business minus its payments | Inflows – Outflows = Net Cash Flow
50
Insolvency
When a business can no longer pay its debts
51
Cash Flow Forecast
A prediction of how cash will flow through a business in a period of time in future
52
Opening Balance
The amount of money in a business at the start of the month
53
The amount of money in a business at the end of the month
Closing Balance
54
Trade Credit
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
55
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.
Stocks
56
Sources of money for businesses that are borrowed or invested typically for more than a year e.g Mortgage, Venture Capitalist
Long term finance
57
Sources of money for businesses that may have to be repaid with immediately or fairly quickly, such as an overdraft, usually within a year.
Short term finance
58
Personal Savings
Money that has been set aside and not spent by individuals and households.
59
Share Capital
The monetary value of a company which belongs to its shareholders, for example, if five people each invest £10,000 into a business, the share capital will be £50,000
60
The owners of a company
Shareholders
61
Venture Capitalist
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.
62
Loan
Borrowing a sum of money which has to be repaid with interest over a period of time, such as 1-5 years.
63
Security (or collateral)
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.
64
Mortgage
A loan where property is used as security.
65
Dividend
A share of the profits of a company received by shareholders who own shares.
66
Profit which is kept back in the business and used to pay for investment in the business.
Retained Profit
67
Leasing
Renting equipment or premises.
68
Borrowing money from a bank by drawing more money than is actually in a current account. Interest is charged on the amount overdrawn.
Overdraft facility
69
Factoring
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.
70
Marketing Mix
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
71
Price
The amount of money customers have to give up to acquire a product
72
Product
A good or service produced by a business or organisation and made available to customers for consumption
73
Promotion
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.
74
Place
The way in which a product is distributed – how it gets from the producer to the consumer
75
Sole trader (or sole proprietor)
The only owner of a business which has unlimited liability.
76
HM Revenues and Customs (HMRC)
The government authorities in the UK responsible for collecting tax.
77
VAT (Value Added Tax)
A tax on the value of sales: it is paid by businesses to government.
78
A tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their net earnings.
Income tax
79
National Insurance Contributions (NICs)
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.
80
Corporation Tax
A tax on the profits of limited companies.
81
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.
Customer Service
82
Customer satisfaction
A measure of how much products meet customers’ expectations.
83
Repeat purchases (or repeat business)
Orders or sales that occur from customers who have bought the product or service in the past.
84
Stakeholder
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.

Buisness (1 decks)

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