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)
What is an aim?
what you are trying to achieve (over time)
What is an objective?
more specific and short term
What is a ‘deed of partnership’?
lays out rules for running the partnership
What is a ‘sleeping partner’?
someone who invests money but takes no part in the day to day running
What is limited liability?
you only lose your investment
What is a partnership?
where two or more people own and run a business
What is unlimited liability?
being personally responsible for all the debts of the business
