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Business Theme 2 > Business theme 2 > Flashcards

Business theme 2 Flashcards

1
Q

Adding value

A

the difference between the price of the finished product/service and the cost of the inputs involved in making it

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2
Q

Advertising

A

the activity or profession of producing advertisements for commercial products or services.

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3
Q

Aesthetics

A

concerned with beauty or the appreciation of beauty.

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4
Q

Aims and objective

A

Aims are statements of intent. They set out what you hope to achieve at the end of the project. Objectives, on the other hand, should be specific statements that define measurable outcomes.

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5
Q

Application form

A

A form that collect relevant and required information.

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6
Q

Autonomy

A

the right or condition of self-government

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7
Q

Average rate of return

A

average rate of return is derived by dividing the average annual net earnings after taxes or return on the investment by the original investment or the average investment during the life of the project and then expressed in terms of percentage.

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8
Q

bar gate stock control graph

A

Lead time is how long it takes from ordering stock for it to arrive. … The bar graph shows that the lead time is two weeks.

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9
Q

Batch production

A

Batch production is a method of manufacturing where the products are made as specified groups or amounts, within a time frame.

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10
Q

Bonus

A

A bonus is a financial compensation that is above and beyond the normal payment expectations of its recipient.

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11
Q

Branding

A

Branding, by definition, is a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company

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12
Q

Break even

A

reach a point in a business venture when the profits are equal to the costs.

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13
Q

Buffer stock

A

A buffer stock is a system or scheme which buys and stores stocks at times of good harvests to prevent prices falling below a target range

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14
Q

Business

A

a person’s regular occupation, profession, or trade.

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15
Q

Business environment

A

The market environment or business environment is a marketing term and refers to factors and forces that affect a firm’s ability to build and maintain successful customer relationships.

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16
Q

Business plan

A

a document setting out a business’s future objectives and strategies for achieving them.

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17
Q

Capacity

A

Capacity is the maximum output level a company can sustain to provide its products or services.

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18
Q

Capital

A

Capital is a term for financial assets, such as funds held in deposit accounts and/or funds obtained from special financing sources.

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19
Q

Cash flow

A

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business

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20
Q

Cash flow forecast

A

Predicting how much will go in and out a business

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21
Q

Cash inflow

A

Money going into the business

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22
Q

Cash outflow

A

The money going out of the business

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23
Q

Centralised

A

A centralised structure is where business decisions are made at the top of the business or in a head office and distributed down the chain of command .

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24
Q

Chain of command

A

The chain of command is the path of authority along which instructions are passed, from the CEO downwards.

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25
Q

Closing balance

A

The formula for the closing balance is opening balance + net cash flow.

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26
Q

Commission

A

Commission, also known as sales commission, is a payment given to employees based on the sales they make.

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27
Q

Competitive advantage

A

a condition or circumstance that puts a company in a favourable or superior business position.

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28
Q

Competitive environment

A

The more sellers of a similar product or service, the more competitive the environment in which you compete.

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29
Q

Communication

A

Business communication is exchanging information in order to promote an organization’s goals, objectives, aims, and activities, as well as increase profits within the company.

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30
Q

Competition

A

Competition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth.

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31
Q

Competitive advantage

A

a competitive advantage is the attribute that allows an organization to outperform its competitors.

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32
Q

Competitive environment

A

The more sellers of a similar product or service, the more competitive the environment in which you compete.

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33
Q

Competitive pricing

A

Competitive pricing is the process of selecting strategic price points to best take advantage of a product or service based market relative to competition.

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34
Q

Consumers

A

onsumers are defined as individuals or businesses that consume or use goods and services.

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35
Q

Consumer income

A

Consumer income is the money that a consumer earns from either work or investment, such as dividends distributed by companies

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36
Q

Consumer law

A

These laws range from prohibiting false advertising and imposing product safety measures to regulating debt collection practices and protecting consumers’ identifying information.

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37
Q

Consumer rights

A

consumer law’ refers to any piece of government legislation designed to protect consumers from poor-quality products and poor business practices.

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38
Q

Consumer spending

A

Consumer spending is the total money spent on final goods and services by individuals and households for personal use and enjoyment in an economy.

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39
Q

Cost plus

A

Cost-plus pricing, also called markup pricing, is the practice by a company of determining the cost of the product to the company and then adding a percentage on top of that price to determine the selling price to the customer.

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40
Q

Crowd funding

A

Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet.

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41
Q

Curriculum vitae

A

A curriculum vitae, often abbreviated as CV, is a document that job applicants use to showcase their academic and professional. accomplishments.

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42
Q

Customer engagement

A

Customer engagement is an interaction between an external consumer

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43
Q

Customer feedback

A

Customer feedback is information provided by customers about their experience with a product or service.

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44
Q

Customer loyalty

A

Customer loyalty is a measure of a customer’s likeliness to do repeat business with a company or brand.

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45
Q

Customer needs

A

Customer needs are the things that customers require when purchasing a product or service.

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46
Q

Customer satisfaction

A

Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation.

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47
Q

Customer service

A

Customer service is the support you offer your customers — both before and after they buy and use your products or services

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48
Q

Customers

A

A customer is an individual or business that purchases another company’s goods or services.

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49
Q

Decentralised

A

A decentralised approach is where a business allows decisions to be made by managers and subordinates further down the chain.

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50
Q

Delay ering

A

delayering is the process of removing red tape to make your organisation function better.

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51
Q

Demographics

A

businesses need a targeted approach to consumers. Using demographics gives you a head start in understanding your market

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52
Q

Design mix

A

The design mix refers to three aspects of design that companies need to consider when developing a product.

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53
Q

Differentiation

A

Product differentiation is a marketing strategy that strives to distinguish a company’s products or services from the competition.

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54
Q

Digital communication

A

Digital communication involves sending and receiving such information electronically.

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55
Q

Digital technology

A

Digital businesses use technology to create new value in business models, customer experiences and the internal capabilities that support its core operations.

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56
Q

Directors

A

A director is an elected individual who, along with other directors, is responsible for a company’s corporate policy.

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57
Q

Discrimination

A

Discrimination in the workplace is based on certain prejudices and occurs when an employee is treated unfavourably because of gender, sexuality, race, religion, pregnancy and maternity or disability.

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58
Q

Distribution

A

Distribution is the process of making a product or service available for the consumer or business user who needs it.

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59
Q

Dividend

A

A dividend is the distribution of some of a company’s earnings to a class of its shareholders, as determined by the company’s board of directors.

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60
Q

E-commerce

A

Electronic commerce or e-commerce (sometimes written as eCommerce) is a business model that lets firms and individuals buy and sell things over the internet.

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61
Q

Economic climate

A

Economic climate usually reflects the state of the jobs market, stock market, or the availability of credit.

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62
Q

Efficiency

A

Efficiency is the fundamental reduction in the amount of wasted resources that are used to produce a given number of goods or services (output).

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63
Q

Employees

A

An employee is an individual who was hired by an employer to do a specific job.

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64
Q

Employment law

A

Employment law regulates the relationship between employers and employees. It governs what employers can expect from employees, what employers can ask employees to do, and employees’ rights at work.

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65
Q

Employment level

A

The employment level is defined as the number people engaged in productive activities in an economy.

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66
Q

E-newsletters

A

Email newsletters are a type of email that informs your audience of the latest news, tips, or updates about your product or company.

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67
Q

Enterprise

A

Firstly, an enterprise is simply another name for a business. … Secondly, and perhaps more importantly, the word enterprise describes the actions of someone who shows some initiative by taking a risk by setting up, investing in and running a business.

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68
Q

Entrepreneur

A

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

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69
Q

Environmental considerations

A

Environmental factors can be explained as identifiable elements within the cultural, economic, demographic, physical, technological or political environment

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70
Q

E-tailer

A

An e-tailer is a retailer that primarily uses the Internet as a medium for customers to shop for goods and/or services provided.

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71
Q

Ethical objectives

A

ethical objectives is the process by which organisations apply ethical values to their targets and the actions by which they will achieve them.

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72
Q

Excessive communication

A

Excessive communication leads to information overload, eg when staff find hundreds of messages arriving in their intray each day.

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73
Q

Exchange rate

A

An exchange rate is the value of a country’s currency vs. that of another country or economic zone.

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74
Q

Exports

A

Exports are goods and services that are produced in one country and sold to buyers in another.

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75
Q

Extension Strategy

A

An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline.

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76
Q

External finance

A

External sources of finance refer to money that comes from outside a business.

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77
Q

External Growth

A

External growth (also known as inorganic growth) refers to growth of a company that results from using external resources and capabilities rather than from internal business activities.

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78
Q

External influences

A

External influences are factors that a business may have little or no control over, such factors include: Economic, financial, geographical, social, legal, political, institutional, technological, competitive situation and markets influences.

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79
Q

External recruitment

A

External recruitment is when the business looks to fill the vacancy from any suitable applicant outside the business.

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80
Q

Finance

A

Financing is the process of providing funds for business activities, making purchases, or investing.

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81
Q

Financial Data

A

Financial data is information about a company that tells you about its financial health and performance.

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82
Q

Financial Objectives

A

A financial objective is a specific goal or target of relating to the financial performance, resources and structure of a business.

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83
Q

Fixed costs

A

A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold.

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84
Q

Fixed Premises

A

“Fixed premises” means a building or other structure, or part of, with a permanent address.

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85
Q

Flat Structure

A

A flat structure is an organisational structure with only a few layers of management.

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86
Q

Flexible Hours

A

Flexible working hours refers to the schedule which allows employees to start and finish their workday when they want. This means that employees can come to work earlier or later than the set time.

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87
Q

Flow Production

A

Flow production is also known as continuous production. It enables a product to be created in a series of stages on.an assembly line .

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88
Q

Focus Group

A

A focus group is a market research method that brings together 6-10 people in a room to provide feedback regarding a product, service, concept, or marketing campaign.

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89
Q

Formal Training

A

Formal learning refers to a type of learning program in which the goals and objectives are defined by the training department, instructional designer, and/or instructor.

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90
Q

Franchise

A

A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system,

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91
Q

Franchisee

A

a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.

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92
Q

Franchisor

A

A franchisor sells the right to open stores and sell products or services using its brand, expertise, and intellectual property.

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93
Q

Freelance Contract

A

A freelance contract is usually one where a self-employed individual is engaged to carry out a specific piece of work over a defined period of time.

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94
Q

French benefits

A

Fringe benefits are a type of compensation employers can give employees which is outside of their stated wage or salary.

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95
Q

Full time working

A

Full time usually refers to an employee working more than 35 hours per week, often spread over five days each week.

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96
Q

Function

A

Business functions are the activities carried out by an enterprise; they can be divided into core functions and support functions.

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97
Q

Gap in the Market

A

A gap in the market is an opportunity to make and sell something that is not available yet.

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98
Q

Gross Profit

A

Gross profit is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

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99
Q

Gross Profit Margin

A

Gross profit margin is a metric analysts use to assess a company’s financial health by calculating the amount of money left over from product sales after subtracting the cost of goods sold (COGS). E

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100
Q

Growth Margin

A

Gross margin is a company’s net sales revenue minus its cost of goods sold (COGS).

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101
Q

Health and safety law

A

The Health and Safety at Work Act 1974 (HASAWA) lays down wide-ranging duties on employers. Employers must protect the ‘health, safety and welfare’ at work of all their employees, as well as others on their premises, including temps, casual workers, the self-employed, clients, visitors and the general public.

102
Q

Hierarchical Structure

A

A hierarchical structure has many layers of management, and businesses with this structure often use a ‘top-down’ approach with a long chain of command .

103
Q

Human Resources

A

the personnel of a business or organization, regarded as a significant asset in terms of skills and abilities.

104
Q

Imports

A

bring (goods or services) into a country from abroad for sale.

105
Q

Inflation

A

a general increase in prices and fall in the purchasing value of money.

106
Q

Informal Training

A

Informal learning refers to learning that occurs away from a structured, formal classroom environment.

107
Q

Innovation

A

a new method, idea, product, etc.

108
Q

Inorganic Growth

A

Inorganic growth arises from mergers or takeovers rather than an increase in the company’s own business activity.

109
Q

Insolvency

A

Insolvency is a state of financial distress in which a business or person is unable to pay their bills.

110
Q

Interest Rates

A

the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

111
Q

Internal Finance

A

Internal sources of finance refer to money that comes from within a business.

112
Q

Internal Growth

A

Internal (organic) growth - the business grows by hiring more staff and equipment to increase its output .

113
Q

Internal Recruiting

A

Internal recruiting is the process of filling vacancies within a business from its existing workforce.

114
Q

Internet

A

a global computer network providing a variety of information and communication facilities, consisting of interconnected networks using standardized communication protocols.

115
Q

Investment

A

An investment is an asset or item acquired with the goal of generating income or appreciation.

116
Q

Job analysis

A

Job analysis is the process of studying a job to determine which activities and responsibilities it includes, its relative importance to other jobs, the qualifications necessary for performance of the job and the conditions under which the work is performed.

117
Q

Job Description

A

A job description or JD is a written narrative that describes the general tasks, or other related duties, and responsibilities of a position.

118
Q

Job enrichment

A

Job enrichment is a process that is characterized by adding dimensions to existing jobs to make them more motivating.

119
Q

Job Production

A

Job production, sometimes called jobbing or one-off production, involves producing custom work, such as a one-off product for a specific customer or a small batch of work in quantities usually less than those of mass-market products.

120
Q

Job Roles

A

Business role is a group of related skills with a level of authority to perform a given task.

121
Q

Job rotation

A

Job rotation is the practice of moving employees between jobs in an organization.

122
Q

Just-in-Time

A

The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules.

123
Q

Labour

A

Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy.

124
Q

Lead Time

A

Lead time is the amount of time that passes from the start of a process until its conclusion.

125
Q

Legal Structure

A

The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation.

126
Q

Limited Liability

A

Limited liability is a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership or limited liability company (LLC).

127
Q

Loan

A

A loan is a form of debt incurred by an individual or other entity.

128
Q

Loan Capital

A

money required to run a business which is raised from loans rather than shares.

129
Q

Loan Community

A

Community banking is a non-traditional form of money-lending.

130
Q

Location

A

Location is the place where a firm decides to site its operations. Location decisions can have a big impact on costs and revenues.

131
Q

Logistics

A

Logistics, in business, the organized movement of materials and, sometimes, people.

132
Q

Loss

A

a loss is a decrease in net income that is outside the normal operations of the business.

133
Q

Loss Leader

A

A loss leader strategy involves selling a product or service at a price that is not profitable but is sold to attract new customers or to sell additional products and services to those customers.

134
Q

Management

A

Management is the process of guiding the development, maintenance, and allocation of resources to attain organizational goals.

135
Q

Margin of Safety

A

Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value.

136
Q

Market Conditions

A

Market conditions relate to the attractiveness (or otherwise) of the overall market in which a business operates.

137
Q

Market Data

A

market data is price and trade-related data for a financial instrument reported by a trading venue such as a stock exchange.

138
Q

Market Map

A

Market mapping is the process of using a graph to plot competitors and their products to understand competitor behaviour and spot a gap in the market .

139
Q

Market Research

A

Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location.

140
Q

Market Share

A

Market share is the percentage of total sales (by value) or total output that a business has in a specified market.

141
Q

Marketing

A

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

142
Q

Marketing mix

A

A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term often refers to a common classification that began as the four Ps: product, price, placement, and promotion.

143
Q

Market Segments

A

A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes.

144
Q

Materials

A

Material to the Business means material to the business, assets, properties, operations, results of operations, condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole.

145
Q

Merger

A

A merger is an agreement that unites two existing companies into one new company.

146
Q

Motivation

A

Motivation is about the ways a business can encourage staff to give their best.

147
Q

Multinational

A

A multinational corporation (MNC) has facilities and other assets in at least one country other than its home country.

148
Q

Needs

A

Businesses make a profit by providing things that people need and want. There is a difference between a need and a want. A need is something essential to survive.

149
Q

Net-cash flow

A

The net cash flow of an organization represents the sum over a period of time of the total cash received (inflow) from sales and loans less the total amount of money spent (outflow) by the company over the same period.

150
Q

Net Profit

A

net profit is a company’s total earnings after subtracting all expenses.

151
Q

Net Profit Margin

A

Net profit margin is equal to how much net income is generated as a percentage of revenue.

152
Q

Non-financial Objectives

A

Non-financial aims and objectives are linked to anything other than making money for the business. These are usually linked to personal reasons behind an entrepreneur setting up a business.

153
Q

Observation

A

Observation is a market research technique in which highly trained researchers generally watch how people or consumers behave and interact in the market under natural conditions.

154
Q

Obsolete

A

obsolete refers to a business asset which is: No longer being used because it can’t produce value for the company (like a company vehicle that doesn’t work anymore) Outmoded in style or design.

155
Q

Opening Balance

A

The opening balance is the amount of money a business starts with at the beginning of the reporting period , usually the first day of the month: opening balance = closing balance of the previous period.

156
Q

Operational Staff

A

Operational Staff means the Contractor’s Staff who are engaged in the provision of the Services and have access to or contact with Young People, Authority Data, the Prescribed Documentation and/or the Authority’s Premises.

157
Q

Organic Growth

A

Organic growth is the growth a company achieves by increasing output and enhancing sales internally.

158
Q

Organisational

A

Organisational structure determines the assignment and coordination of roles, power and responsibilities within a business.

159
Q

Output

A

Output in economics is the “quantity of goods or services produced in a given time period, by a firm, industry, or country”, whether consumed or used for further production.

160
Q

Overdraft

A

An overdraft is a facility that can be part of the current account of a business. Business overdraft borrowing takes place when the business makes payments out of its current account and exceeds its available balance.

161
Q

Overhead

A

Overhead refers to the ongoing costs to operate a business but excludes the direct costs associated with creating a product or service.

162
Q

Partnership

A

A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.

163
Q

Part-time Working

A

A part-time job simply involves working fewer hours in a week than a full-time job. Often, part-time jobs involve working in shifts. These shifts are usually rotational with other part-time workers.

164
Q

Payment System

A

A payment system is any system used to settle financial transactions through the transfer of monetary value.

165
Q

Performance view

A

A performance appraisal is a regular review of an employee’s job performance and overall contribution to a company.

166
Q

Permanent Contract

A

Permanent employment contracts apply to employees who work regular hours and are paid a salary or hourly rate. The contracts are ongoing until terminated by either the employer or employee and may be for full or part time work.

167
Q

Person Specification

A

The person specification is a description of the qualifications, skills, experience, knowledge and other attributes (selection criteria) which a candidate must possess to perform the job duties.

168
Q

Personal Savings

A

Money that an individual has put away for non-immediate use. For example, one may utilize personal savings to save funds for an expensive purchase, such as a house or a car.

169
Q

Place

A

Place is the point where products are made available to customers. A business has to decide on the most cost-effective way to make their products easily available to customers.

170
Q

Post Sales Service

A

After-sales support, sometimes called after-sales service, is any service provided after a customer has purchased a product.

171
Q

Pressure Group

A

Pressure groups are organisations set up to try to influence what we think about the business and its environment.

172
Q

Price

A

Price is the monetary value of a good, service or resource established during a transaction.

173
Q

Pricing Strategy

A

Pricing strategy refers to method companies use to price their products or services.

174
Q

Primary Research

A

Primary research is research you conduct yourself (or hire someone to do for you.) It involves going directly to a source.

175
Q

Private Limited Company

A

a private limited company is neither listed on the stock exchange nor are they traded. It is privately held by its members only.

176
Q

Procurement

A

Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.

177
Q

Product Life Cycle

A

The term product life cycle refers to the length of time a product is introduced to consumers into the market until it’s removed from the shelves.

178
Q

Product Range

A

A product range is normally created through developing a series of concrete products to suit different customer needs.

179
Q

Product Trial

A

a way of persuading customers to buy a product by allowing them to use it for a limited time without paying: Try our software before you buy with our 30-day product trial.

180
Q

Production

A

the means of production (also called capital goods or productive property) are physical and non-financial inputs used in the production of goods and services with economic value.

181
Q

Productivity

A

Productivity is commonly defined as a ratio between the output volume and the volume of inputs.

182
Q

Profit

A

Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question.

183
Q

Promotion

A

Promotion refers to the methods used by a business to make customers aware of its product.

184
Q

Public Limited Company

A

A public limited company (PLC) is simply a limited liability company, similar to a private limited company, that has chosen to raise capital by offering shares to the general public.

185
Q

Public Relations

A

Public relations (PR) is the art of managing how information about an individual or company is disseminated to the public. Every individual or entity operating in the public eye faces the spread of information about them or their practices to the public.

186
Q

Qualitative

A

Qualitative data is defined as the data that approximates and characterizes. This type of data is collected through methods of observations, one-to-one interviews, conducting focus groups, and similar methods.

187
Q

Quality

A

In business, engineering, and manufacturing, quality has a pragmatic interpretation as the non-inferiority or superiority of something; it’s also defined as being suitable for its intended (fitness for purpose) while satisfying customer expectations.

188
Q

Quality Assurance

A

Quality assurance (QA) is the act or process of confirming that a firm’s quality requirements are being met.

189
Q

Quality control

A

Quality control (QC) is a process through which a business seeks to ensure that product quality is maintained or improved.

190
Q

Qualitative data

A

Qualitative data is defined as the data that approximates and characterizes. This type of data is collected through methods of observations, one-to-one interviews, conducting focus groups, and similar methods.

191
Q

Questionnaire

A

A questionnaire contains a series of questions which gather primary marketing research data for the business.

192
Q

Raw Materials

A

Raw materials are materials or substances used in the primary production or manufacturing of goods.

193
Q

Recruitment

A

Recruitment is the process of actively seeking out, finding and hiring candidates for a specific position or job.

194
Q

Reliability

A

Reliability is defined as the probability that a product, system, or service will perform its intended function adequately for a specified period of time, or will operate in a defined environment without failure.

195
Q

Remote Working

A

Remote work is a working style that allows professionals to work outside of a traditional office environment.

196
Q

Remuneration

A

Remuneration is any type of compensation or payment that an individual or employee receives as payment for their services or the work that they do for an organization or company.

197
Q

Research and Development

A

Research and development (R&D) includes activities that companies undertake to innovate and introduce new products and services. It is often the first stage in the development process.

198
Q

Retailer

A

A retailer, or merchant, is an entity that sells goods such as clothing, groceries, or cars directly to consumers through various distribution channels with the goal of earning a profit.

199
Q

Retained Profit

A

Retained profit is the amount of a business’s net income that is kept within its accounts, rather than paid out to shareholders.

200
Q

Retention

A

Customer retention refers to the ability of a company or product to retain its customers over some specified period.

201
Q

Revenue

A

Revenue is the total amount of income generated by the sale of goods or services related to the company’s primary operations.

202
Q

Reward

A

Reward is the generic term for the totality of financial and non-financial compensation or total remuneration paid to an employee in return for work or service rendered at work.

203
Q

Risk

A

Business risk is the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail. Anything that threatens a company’s ability to achieve its financial goals is considered a business risk.

204
Q

Roles and Responsibilities

A

Roles refer to one’s position on a team. Responsibilities refer to the tasks and duties of their particular role or job description.

205
Q

Sales Process

A

A sales process is a set of repeatable steps that a sales person takes to take a prospective buyer from the early stage of awareness to a closed sale.

206
Q

Sales Promotion

A

Sales promotion is a short-term incentive to initiate trial or purchase.

207
Q

Secondary Research

A

Secondary research is a type of research that has already been compiled, gathered, organized and published by others.

208
Q

Segmentation

A

Segmentation means to divide the marketplace into parts, or segments, which are definable, accessible, actionable, and profitable and have a growth potential.

209
Q

Self Learning

A

self-learning is defined as: “a process by which individuals take the initiative, with or without the assistance of others, in diagnosing their learning needs, formulating learning goals, identifying human and material resources for learning, and evaluating learning outcomes”.

210
Q

Selling Assets

A

An asset sale happens when you sell or transfer the assets of your company, rather than shares or stock

211
Q

Service

A

Business services are a recognisable subset of economic services, and share their characteristics.

212
Q

Share Capital

A

Share capital is the money a company raises by issuing common or preferred stock.

213
Q

Share Issue

A

Share issue is the process by which companies pass on new shares to shareholders, who may themselves be new or existing shareholders.

214
Q

Share Holder

A

A shareholder, also referred to as a stockholder, is a person, company, or institution that owns at least one share of a company’s stock, which is known as equity.

215
Q

Shares

A

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

216
Q

Social Media

A

Social media marketing is the use of social media platforms and websites to promote a product or service.

217
Q

Social Objectives

A

A social objective is a statement that details a specific desired outcome of a project that is related to the interaction of the individuals, groups, and institutions within a society.

218
Q

Sole Trader

A

A sole trader is a self-employed person who owns and runs their own business as an individual.

219
Q

Sources of Finance

A

A source or sources of finance, refer to where a business gets money from to fund their business activities.

220
Q

Span of Control

A

Span of control, also called span of management, is the term used in business management, particularly human resource management.

221
Q

Special Offers

A

A special offer is a marketing term that refers to a unique opportunity for customers to save money or receive a special benefit, product, or service.

222
Q

Sponsoring

A

A corporate sponsorship is a form of marketing in which a company pays for the right to be associated with a project or program.

223
Q

Stakeholder

A

A stakeholder is a party that has an interest in a company and can either affect or be affected by the business.

224
Q

Stock Market Flotation

A

Flotation is the process of converting a private company into a public company by issuing shares available for the public to purchase. I

225
Q

Supervisor

A

A supervisor is responsible for the productivity and actions of a small group of employees.

226
Q

Suppliers

A

Suppliers are companies that provide goods or services that a company or business requires producing its products or achieving its aims.

227
Q

Supply Chain

A

supply chain is the activities required by the organisation to deliver goods or services to the consumer.

228
Q

Support Staff

A

support staff such as administrators, carpenters, and electricians. Managers often depend heavily on their support staff.

229
Q

Survey

A

A survey is a research method used for collecting data from a predefined group of respondents to gain information and insights into various topics of interest.

230
Q

Survival

A

Survival – a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.

231
Q

Sustainable

A

A sustainable business, or a green business, is an enterprise that has minimal negative impact or potentially a positive effect on the global or local environment, community, society, or economy—a business that strives to meet the triple bottom line.

232
Q

Takeover

A

A takeover occurs when one company makes a successful bid to assume control of or acquire another.

233
Q

Target Market

A

A target market is a group of customers within a business’s serviceable available market at which a business aims its marketing efforts and resources.

234
Q

Target Setting

A

Target setting has played an important part in raising standards in schools.

235
Q

Tariff

A

A tariff is a tax imposed by one country on the goods and services imported from another country.

236
Q

Taxation

A

Taxation is a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents.

237
Q

Team Leader

A

A team leader is a person who provides guidance, instruction, direction and leadership to a group of individuals (the team) for the purpose of achieving a key result or group of aligned results.

238
Q

Technology

A

Business Technology as a concept describes all technology that helps an organisation run its business and operational processes.

239
Q

Temporary Contract

A

temporary contracts are offered when a contract is not expected to become permanent. Usually they would have some form of end date included,

240
Q

Total Costs

A

The total cost is the amount of money spent by a firm on producing a given level of output.

241
Q

Trade bloc

A

A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.

242
Q

Trade Credit

A

Trade credit allows businesses to receive goods or services in exchange for a promise to pay the supplier within a set amount of time.

243
Q

Training

A

Training can be defined as: The process of increasing the knowledge and skills of the workforce to enable them to perform their jobs effectively.

244
Q

Unemployment

A

Unemployment occurs when workers who want to work are unable to find jobs, which lowers economic output; however, they still require subsistence.

245
Q

Unique Selling Point

A

A unique selling point (USP), also called a unique selling proposition, is the essence of what makes your product or service better than competitors.

246
Q

Unit Costs

A

The unit cost, also known as the breakeven point, is the minimum price at which a company must sell the product to avoid losses.

247
Q

Unlimited Liability

A

Unlimited liability means that the business owners are personally liable for any loss the business makes.

248
Q

Variable Costs

A

A variable cost is a corporate expense that changes in proportion to production output. Variable costs increase or decrease depending on a company’s production volume; they rise as production increases and fall as production decreases.

249
Q

Venture Capital

A

Venture capital is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.

250
Q

Viral Advertising

A

Viral marketing or viral advertising is a business strategy that uses existing social networks to promote a product.

251
Q

Wants

A

A want is something that we want but is not necessary

Business Theme 2 (1 decks)

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