Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > Definitions > Flashcards

Definitions Flashcards

1
Q

Supplier

A

A business which sells or supplies products to another business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Customer

A

A person or organisation that buys a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Consumer

A

A person or organisation that is the end user of a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Customer needs

A

The needs and wants of a customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Market research

A

The process of gathering information about customer needs, competitors and market trends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Primary research

A

The gathering of new information for market research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Questionnaire

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Focus group

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Secondary research

A

The process of gathering information that has already been collected for market research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Qualative data

A

Opinions, judgments and attitudes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Quantative data

A

Data that can be measured and expressed as numbers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Market segment

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Market map

A

A diagram that shows a range of possible positions for two features of a product, such as low to high price and low to high quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Gap in the market

A

When all business do not have a product that adequately meet customer needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Brand

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Added value

A

The increased worth that a business creates for a product. It is the difference between what a business pays it’s suppliers and the price it’s able to charge for the product/service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Unique selling point (USP)

A

A way of differentiating (being different) from other products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Franchise

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Franchisee

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Franchisor

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Bunisess location

A

Where a firm decides to site its operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Entrepreneur

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Enterprise

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Planning (enterprise skill)

A

Identifying a direction and plan action for the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Thinking ahead (enterprise skill)

A

Having the foresight to identify potential problems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Drive (enterprise skill)

A

Being hardworking and motivated to achieve success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Determination (enterprise skill)

A

Being resilient when things go wrong and not giving up

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Seeing opportunities (enterprise skill)

A

Having creativity and imagination to do things differently

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Risk

A

The chance of damage or loss occurring as a result of making a decision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Goods

A

Physical products that can be brought and sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Services

A

Non-physical products that can be brought and sold (e.g. train tickets, hair cut)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Competitive advantage

A

An advantage a business has that enables it to perform better than its rivals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Creative thinking

A

Producing new and unique ideas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Lateral thinking

A

Thinking differently to try and find new and unexpected ideas

35
Q

Blue sky thinking

A

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

36
Q

Invention

A

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

37
Q

Innovation

A

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

38
Q

Patent

A

The right of ownership of an invention or process when it is registered with the government

39
Q

Copyright

A

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

40
Q

Trademarks

A

The symbol, sign or feature of a product or business that cannot be copied by others

41
Q

Calculated risk

A

The known probability of a negative event occurring

42
Q

Mindmap

A

A diagram that is used to record words and ideas connected to a central word or idea

43
Q

Financial objectives

A

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

44
Q

Average selling price

A

How much on average each product will sell for

45
Q

SMART targets

A

Specific, measurable, achievable, realistic and time specific targets

46
Q

Sales volume

A

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

47
Q

Initiative

A

Making the first move and making things happen

48
Q

Taking risks

A

Making decisions that have a chance of going wrong

49
Q

Making decisions

A

To be in charge of making a good judgement

50
Q

Planning

A

Planning is essential to any successful business. Clear objectives have to be set for the long term and how these objectives will be met in the future.

51
Q

Persuasion

A

To be able to convince a customer they should buy the product/service, or it could also mean negotiating with a supplier to lower their prices

52
Q

Showing leadership

A

Entrepreneurs should have a vision of where the business is heading, be good at planning and have self-confidence

53
Q

Revenue

A

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

54
Q

Fixed costs

A

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

55
Q

Total costs

A

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

56
Q

Variable costs

A

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

57
Q

Profit

A

Occurs when the revenues of a business are greater than its costs over a period of time. profit can be calculated by doing revenue minus costs

58
Q

Loss

A

Occurs when the revenues of a business are less than the costs over a period of time

59
Q

Cash

A

Notes, coins and money in the bank

60
Q

Cash flow

A

The flow of cash in and out of the business

61
Q

Cash inflow

A

The cash flowing into a business

62
Q

Cash outflow

A

The cash flowing out of a business. Often the bills that a business pays

63
Q

Net cash flow

A

The flow of a business minus its outflow

64
Q

Insolvency

A

When a business can no longer pay its debts

65
Q

Cash flow forecast

A

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

66
Q

Opening balance

A

The amount of money in a business at the start of the month

67
Q

Closing balance

A

The amount of money in a business at the end of the month

68
Q

Cumulative cash flow

A

The sum of cash that flows into a business over time

69
Q

Trade credit

A

Allows someone to purchase goods now and pay later

70
Q

Stocks

A

Materials that a business holds. Some could be materials waiting to be used in the production process; some could be finished stock waiting to be delivered to customers

71
Q

Business plan

A

A plan for the development of a business giving forecasts of items such as sales, costs and cash flow

72
Q

Long term finance

A

Sources of money for businesses that are borrowed or invested typically for more than a year

73
Q

Short term finance

A

Sources of money for businesses that may have to be repaid immediately or fairly quickly, such as an overdraft, usually within a year

74
Q

Personal savings

A

Money that has been saved up by the owners of a business

75
Q

Share capital

A

The sale of shares to raise money for the business

76
Q

Shareholders

A

The owners of a company

77
Q

Venture capital

A

Finance that is provided to small or medium sized firms that seek growth but may be considered as risky by typical share buyers or other lenders

78
Q

Bank loan

A

A sum of money borrowed from the bank, repaid in instalments with interest (either fixed or variable)

79
Q

Dividend

A

A share of the profits of a company received by shareholders who own shares

80
Q

Retained profit

A

Profits that are not distributed to the owners of the business which can be reinvested into the business

81
Q

Leasing

A

Renting equipment or premises

82
Q

Overdraft

A

A facility that allows someone to take out more than is in their account up to an agreed limit

83
Q

Factoring

A

Where another party pays you your invoices up front and then chases them up when they become due

Business (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions