GENERAL Flashcards
What is a stakeholder?
someone who has an interest in the business
What is organic growth?
refers to a business growing financially from within
What is external growth?
the increase in a company’s sales and profits that is a result of buying other companies or of forming a business relationship with them
What is primary research?
research you conduct yourself (or hire someone to do it for you) e.g interviews, telephone, or face-to-face
What is secondary research?
a type of research that has already been compiled, gathered, organised and published by others
What is an entrepreneur?
a person who sets up a business or businesses, taking on financial risks in the hope of profit
What is a financial reward for enterprise?
A financial reward is a cash prize used to encourage staffers to meet specific goals within a business or organisation
What is innovation?
the improvement of an original idea
What is invention?
the introduction of a totally new idea
What are the purposes of marketing?
- to persuade
- to inform
- to remind people to come back
- to raise awareness of the brand name
- to encourage people to buy
What is a merger?
when two businesses agree to join together
What is a takeover?
when one business buys the other
What is vertical integration?
when a business expands by merging with another business at a different stage of the production process
What is an internal stakeholder?
anyone within the business (employees)
What is an external stakeholder?
anyone outside the business (customers)
