glossary Flashcards
e-commerce
(electronic commerce) buying and selling of goods and services on online services/via the internet
m-commerce
(mobile commerce) buying and selling of goods and services through wireless handheld devices (phones)
enterprise
business or company
entrepreneur
person who sets up a business
consumer vs customer
customer purchases product/service, consumer uses product/service
obsolete
no longer produced or used
marketplace
place where a particular good/service can be bought
patents
right of ownership of an invention/process when it is registered with government
copyright
legal ownership of material (books/music) which prevent it from being copied by others
trademark
symbol/sign/feature of product/business that is protected by law
added value
amount by which value of product has risen as a result of a person/firm’s part in producing good/service
USP
(unique selling point) aspect of business that distinguishes itself from competitors
branding
way of defining business, its aims/values that can be communicated with consumers
values
standards of behaviour/moral principles
aims vs objectives
aim is overall goals, objectives are the small practical steps taken to achieve aim
solvency vs insolvency
solvency is ability (of business) to meet its long term debts and financial obligations. insolvency is being unable to pay debts
overheads
costs of running business that’s not directly related to producing good/service (e.g. rent, transport)
profit margins
measure of business’ profitability
(revenue - cost)/revenue
margin of safety
(current sales level - break even point)/current sales level
