Key Definitions Flashcards
Analysis
The process of looking at data to identify patterns or trends.
Consumer
Someone who buys and uses the goods and services
Cash flow
The amount of money coming into and going out of a business, and the timing of the movement.
Demographics
Relates to the structure of the population.
Data
Information, particularly statistics, that can be collected or analysed.
Enterprise
Entrepreneurial activity
Entrepreneur
Someone who creates a business, taking on financial risks with the aim is making a profit for the business.
E-commerce
Using the internet to carry out business transactions.
Ethics
Moral principles or standards that guide the behaviour of a person or business
Financial reward
The money that an entrepreneur or investor receives when s business succeeds
Focus group
A group of people who discuss their views on a product, service advertisement or idea, either face to face or online.
Investment
Putting money into a business with the intention of making a profit.
Intuition
Knowing something instinctively or understanding something easily without conscious thought.
M-commerce
Using mobile technologies e.g. tablets to carry out business transactions.
Market research
The process of gathering information about the market and customers’ needs and wants in order to help inform business decisions.
Market share
The proportion of sales in a market that are taken by one business.
Obsolete
Out of date / not used anymore
Quantitative data
Numerical data
Qualitative data
Descriptive information that can’t be measured in numbers.
Risk
The possibility that and enterprise will have a lower than anticipated profits or experience loss.
Social media
Websites that allow users to interact with other users, by sharing text based messages, pictures or links to online content.
Start-up
A new business, usually with only one or a few employed there.
Sales revenue
The amount of money that comes into s business from sales.
Stakeholder
Anyone who has an interest in the activities of a business, such as directors, employees, the suppliers, local community.
