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Business > Business Key terms Mason > Flashcards

Business Key terms Mason 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

Whats the Difference between a Questionnaire and a survey

A

A survey is involving asking questions of people or Organizeations A questionnair is used to find out what consumers like about the b iissnes n

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11
Q

Secondary (or desk) research

A

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

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12
Q

Qualitative data

A

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

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13
Q

Quantitative data

A

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

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14
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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15
Q

Price sensitive

A

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

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16
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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17
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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18
Q

Product range

A

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

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19
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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20
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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21
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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22
Q

Franchise

A

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

23
Q

Franchisee

A

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

24
Q

Franchisor

A

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

25
Q

Entrepreneur

A

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

26
Q

Enterprise

A

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

27
Q

goods

A

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

28
Q

Services

A

Services

29
Q

Competitive Advantage

A

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

30
Q

Lateral Thinking

A

Thinking differently to try and find new and unexpected ideas.

31
Q

Blue Skies Thinking

A

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

32
Q

Invention

A

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

33
Q

Innovation

A

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

34
Q

Patent

A

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

35
Q

Copyright

A

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

36
Q

Trademarks

A

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

37
Q

Calculated Risk

A

The probability of a negative event occurring.

38
Q

Financial Objectives

A

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

39
Q

SMART

A

Specific, measurable, achievable, realistic and timed

40
Q

Revenues
Sales Revenue
Turnover
Sales Turnover

A

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

41
Q

Total Revenue

A

TR = P x Q

Total Revenue = Price x Quantity

42
Q

Sales volume

A

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

43
Q

Fixed costs

A

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

44
Q

Total Costs

A

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

45
Q

Total Costs Formula

A

TC = FC + VC

Total Costs = Fixed Costs + Variable Costs

46
Q

Variable Costs

A

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

47
Q

Profit

A

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

48
Q

Cash Flow

A

The flow of cash into and out of a business

49
Q

Inflow

A

The cash flowing into a business, its receipts

50
Q

Outflow

A

The cash flowing out of a business, its payments

51
Q

Net Cash Flow

A

The receipts of a business minus its payments

Inflows – Outflows = Net Cash Flow

52
Q

Insolvency

A

When a business can no longer pay its debts

53
Q

Cash Flow Forecast

A

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

Business (1 decks)

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