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Business > Definitions > Flashcards

Definitions Flashcards

1
Q

Asset

A

Any item of value that a business owns

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2
Q

Bank overdraft

A

a bank facility that allows an account holder to borrow money at short notice

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3
Q

Biased

A

Unbalanced/inclined to agree with one idea

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4
Q

Brand loyalty

A

customers willingness to buy your products rather than your competitors

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5
Q

Business paln

A

document that outlines how an entrepreneur will set up a new business

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6
Q

Competitive advantage

A

a unique and sustainable advantage over competitors

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7
Q

Consumer

A

A buyer and user of products

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8
Q

Convenience

A

a product’s ability to fit in with consumer lifestyle, its simplicity and easiness to reach

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9
Q

Customer base

A

clients who buy your product, mainly repeat customers

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10
Q

Demographics

A

The structure of a population

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11
Q

Differentiate

A

make a product different to competitors products

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12
Q

E-commerce

A

Using the intenet for business transactions

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13
Q

Enterprise

A

a person/organisation that produces goods to meet customer needs

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14
Q

Entrepreneur

A

a business creator, someone who takes a risk to make a profit

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15
Q

E-tailing

A

selling to customers via the Internet

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16
Q

Exports/imports

A

The flow of products out and in/into and out of countries

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17
Q

Innovation

A

changing an existing product/process

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18
Q

Interest

A

cost of borrowing/% of extra money paid back from loan

19
Q

invention

A

creating something entirely new

20
Q

Investment

A

putting money into a business for profit in the long-term

21
Q

Legislation

A

laws that businesses MUST follow

22
Q

Logistics

A

organisation/management of the transport of materials and goods

23
Q

Market research

A

process of getting info about a market and customer needs to inform business decisions

24
Q

Market share

A

proportion of sales in a market from one business

25
Q

Motivated

A

when employees have reason to work well->higher productivity

26
Q

Partnership

A

a business owned by 2+ people who share risk, decisions and profits

27
Q

Pressure group

A

A group who try to infuence governments/businesses for a cause

28
Q

Price point

A

the point on a scale of possible prices that the business chooses

29
Q

Private limited company

A

incorporated business owned by select stakeholders who invest for dividends and some ownership

30
Q

Profit margin

A

proportion of revenue left after costs have been deducted

31
Q

Public limited company

A

an incorporated business that can sell shares to the public

32
Q

Reasonable care

A

taking enough care to make a product suitable for customers

33
Q

Redundancy procedures

A

the process of a business stopping employment of some staff due to their needlessness

34
Q

Reliable (data)

A

representative of the group as a whole

35
Q

Repeat purchases

A

products repeatedly purchased by the same customer group

36
Q

Retailing

A

selling products to customers in a physical shop

37
Q

Reward

A

the money that an entrepreneur/investor receives from business success

38
Q

Risk

A

possibility of an enterprise having lower than expected profits/makes a loss

39
Q

Social media

A

websites/apps that allow users to interact with other users, through text, pictures or links

40
Q

Span of control

A

number of employees managed by a manager

41
Q

Start-up

A

a new business with a low number of employees

42
Q

Stock

A

products held by a business in a shop/warehouse

43
Q

Stock exchange

A

a place where PLC shares can be bought/sold (eg. London Stock Exchange, Wall Street)

44
Q

USP

A

an aspect of a product that stands out from competitors

Business (11 decks)

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