Chapter Three - Small Business Planning Revision Flashcards
Business Plan
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
Asset
A useful or valuable thing or person. An item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Leasing
Grant (property) on lease; let.
Marketing Object
Marketing objectives are goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame. In other words, marketing objectives are the marketing strategy set in order to achieve the overall organizational objectives.
Enlightened self intrested
Enlightened self-interest is a philosophy in ethics which states that persons who act to further the interests of others (or the interests of the group or groups to which they belong), ultimately serve their own self-interest.
Planning
the process of making plans for something.
Establishment
A business organization, public institution, or household.
The action of establishing something or being established.
Bank overdraw
An overdraft is an extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. Basically the bank allows people to borrow a set amount of money.
Lessee
a person who holds the lease of a property; a tenant.
Target Marketing
A target market is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market the first element of a marketing strategy.
Triple bottom line
Triple bottom line (or otherwise noted as TBL or 3BL) is an accounting framework with three parts: social, environmental (or ecological) and financial. Many organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value.
Resources
a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
Operating costs
Operating costs are the expenses which are related to the operation of a business, or to the operation of a device, component, piece of equipment or facility. They are the cost of resources used by an organization just to maintain its existence.
Bank bills
a bill of exchange drawn by one bank on another.
Lessor
a person who leases or lets a property to another; a landlord.
Marketing stragies
An organization’s strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.
Human Resources
the personnel of a business or organization, regarded as a significant asset in terms of skills and abilities.
Equality
the state of being equal, especially in status, rights, or opportunities.
Trade credit
For many businesses, trade credit is an essential tool for financing growth. Trade credit is the credit extended to you by suppliers who let you buy now and pay later. Any time you take delivery of materials, equipment or other valuables without paying cash on the spot, you’re using trade credit.
Grant
agree to give or allow (something requested) to.
Markeing mix
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.
Physical resources
Resource management, physical resource economy, sustainable development.
Debt
a sum of money that is owed or due.
Mortgage
a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Marketing
the action or business of promoting and selling products or services, including market research and advertising.
Marketing management
Marketing management is defined as the process of overseeing and planning new product development, advertising, promotions and sales. An example of marketing management is creating an advertising plan and implementing that plan.
