Key terms Flashcards
Asset
Any item of value that a business owns, such as machinery or premises
Bank overdraft
A facility offered by a bank that allows an account holder to borrow money at short notice
Biased
Unbalanced or inclined to agree with a particular judgment or idea rather than presenting the evidence fairly
Brand loyalty
A costumer’s willingness to buy a product from a particular business rather than from it’s competitors
Business plan
A document that outlines how an entrepreneur is going to set up a new business
Competitive advantage
An advantage a business has over it’s rivals that is unique and sustainable
Consumer
Someone who buys and uses goods and services
Convenience
A product or service’s ability to fit in well with a customer’s lifestyle or routine, the ease with in which it can be used and/or its east-to-reach location
Customer base
The client who buys the products/services of a business, a proportion of whom are repeat customers
Demographics
Relating to the structure of the population
Differentiate
Show that a product is different from similar products
E-commerce
Using the internet to carry out business transactions
Enterprise
A person or organisation with the purpose of product goods and services to meet the needs of customers (can also mean entrepreneurial activity)
Entrepreneur
Someone who creates a business, taking financial risks with the aim of making a profit form the business
E-tailing
Retailing to customers through the internet, such as through an e-commerce website
