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Business flash cards > Key terms > Flashcards

Key terms Flashcards

1
Q

Objective

A

the short-term steps a business needs to take to meet its overall aims

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1
Q

Aim

A

the overall long-term target or goal of the business

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2
Q

Example aims

A

make £120,000 profit
get a market share of 50%

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3
Q

Business growth

A

Business growth is where a business grows organically or inorganically.

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4
Q

Internal/organic growth

A

Internal/organic growth is where a business grows by selling more products/their service

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5
Q

External/inorganic growth

A

External/inorganic growth is where a business grows by merging/taking over another business

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6
Q

Backwards vertical growth

A

This is where the seller purchases a supplier

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7
Q

Forwards vertical growth

A

This is where a supplier purchases a seller

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8
Q

Diversification

A

This is where a business invests in something it has no relation to

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9
Q

Horizontal growth

A

Horizontal growth is where a business purchases another business at the same level as themselves.

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10
Q

Business plan

A

A business plan is a document that outlines what a business wants to achieve and how it will achieve it.

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11
Q

Capital

A

Capital is the money raised from selling shares

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12
Q

Dividend

A

A dividend is money received by individuals from owning shares given by a business.

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13
Q

Entrepreneur

A

An entrepreneur is someone who takes the risk of starting up a business.

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14
Q

Characteristics of an entrepreneur

A

Risk taker
Determined
Creative
Confident

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15
Q

Stakeholders

A

A stakeholder is someone with an interest in the running of a business they can be external where they are outside of the business and don’t work for them if inside the business and works for it.

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16
Q

Examples of internal stakeholders

A

Owner(s)
Workers
Managers

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17
Q

Examples of external stakeholders

A

Government
Local community
Customers

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18
Q

Sole trader

A

Someone who runs a business by themselves.

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19
Q

Advantages of sole traders

A

Keep all profits to yourself able to make own decisions

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20
Q

Disadvantages of sole traders

A

Hard to get time off unlimited liability

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21
Q

Partnership

A

Where 2-20 people run a business together.

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22
Q

Advantages of Partnership

A

Shared workload
Easier to get time off

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23
Q

Disadvantages of Partnership

A

Shared profits
May take longer to make decisions
Unlimited liability

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24
Q

Private Limited Company - LTD

A

Shares are given to people who you know

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25
Q

Advantages of LTD

A

Limited liability
No worry from a merger/takeover

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26
Q

Disadvantages of LTD

A

Dividends have to be payed.
Capital can’t be easily raised

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27
Q

Public Limited Company - PLC

A

Shares are sold on the stock exchange

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28
Q

Advantages of PLC

A

Capital can be raised easily
Unlimited liability

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29
Q

Disadvantages of PLC

A

At risk of a takeover
Expensive to set up.

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30
Q

Limited Liability

A

Where the bank is limited to only taking business owned assets to pay of any bankruptcy a business may have incurred

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31
Q

Unlimited Liability

A

Where a bank can take personal assets to pay off any bankruptcy a business may have incurred

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32
Q

Limited Liability Partnership

A

Where a partnership has limited liability

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33
Q

Marketing

A

How a business advertises its products/services

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34
Q

Merger

A

Where two business agree to become one

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35
Q

Market Share

A

How much of the market they control/influence

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36
Q

Takeover

A

Where a company forcibly takes over another company by purchasing a controlling share of a business shares.

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37
Q

Operate

A

The activities, processes and systems that a company uses to deliver its products or services to customers and achieve its business objectives

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38
Q

Profit

A

How much money a business makes after costs have been included.

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39
Q

Providing a service

A

Where a business doesn’t sell a physical product but offers something else like a gardening service.

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40
Q

Resources

A

What a business needs to operate successfully.

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41
Q

Satisficing

A

Where business is making enough profit to keep shareholders happy or it’s sufficient for investors to maintain confidence in the management they appoint.

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42
Q

Shareholders

A

Someone who owns shares in a Public Limited Company or Ltd.

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43
Q

Sleeping partner

A

Someone who invests in a business but doesn’t interfere with the running.

44
Q

Spotting an opportunity

A
45
Q

Survival

A

Where a business is bandy managing to survive and continue trading.

46
Q

Success

A

Where the business owner is earning a good income to pay for utilities and leisure.

47
Q

Market research

A

Where a company undertakes research to see if the market would like a certain product and to give them data on it.

48
Q

Primary market research

A

Market research done by the company themselves

49
Q

Advantages of primary market research

A
  • More accurate and relevant to the business
  • Higher quality
50
Q

Disadvantages of primary market research

A
  • More expensive
  • Longer
51
Q

Secondary market research

A

Market research where someone else has collected the data and you are using it.

52
Q

Advantages of secondary market research

A
  • Cheaper
  • Shorter Time frame
53
Q

Disadvantages of Secondary Market Research

A
  • Less accurate
  • less relevant to the business
54
Q

Questionnaire

A

Where you ask people questions to determine what they think/want

55
Q

Trials

A

A temporary offering to test the success of a new product

56
Q

Focus groups

A

A research technique used to collect data through group interaction.

57
Q

Census data

A

A document that counts the population of a nation, state, or other geographic region

58
Q

Interview

A

Where you ask people face to face questions about a certain topic/a product.

59
Q

Quantitative market research

A

Numerical data such as sales or revenue

60
Q

Qualitative market research

A

Worded data such as answers to questions or reviews.

61
Q

Marketing

A

How a business promotes a product.

62
Q

The 4P’s

A

Price
Promotion
Product
Place

63
Q

Promotion

A

How a business creates awareness of their product

64
Q

Advertising Campaign

A

What a business uses to launch their products and create awareness

65
Q

Advertising media

A

What forms of media a business may use to promote their product

66
Q

Point of Sale Promotion

A

Why a business is selling a product and what its for.

67
Q

Price

A

How much a business charges for their product.

68
Q

Competitor pricing

A

Where you charge the same as competitors with a simialar product.

69
Q

Cost-plus pricing

A

Where you sell the product for the cost it was to make plus a percentage of the cost to manufacture it.

70
Q

Penetration pricing

A

Where you price your product less than competitors products.

71
Q

Price skimming

A

Where you charge a high initial price to begin with but gradually lower it over time.

72
Q

product

A

What your selling.

72
Q

Design

A

What it looks like and how it works.

73
Q

Innovation

A

Redesigning a pre-existing product.

74
Q

Product life-cycle

A

The stages a product goes through before becoming obsolete.

75
Q

Introduction

A

When a product is first launched.

76
Q

Growth

A

Starting to get more sales for the product and advertising starting to decrease.

77
Q

Maturity

A

The product is getting many more new sales and is nearing the decline.

78
Q

Decline

A

When a product starts to lose popularity/sales and is removed from the market.

79
Q

Extension strategy

A

What a business can do to keep the product going for longer before retiring it.

80
Q

Place

A

Where you are going to sell your product.

81
Q

Digital distribution

A

Where you sell a digital product and how you get that product to the customer.

82
Q

Physical distribution

A

Where you sell a physical product and how you get that product to the customer.

83
Q

Market data

A

Information on the market.

84
Q

Application form

A
85
Q

Apprenticeship

A
86
Q

Authority

A
87
Q

Accountability

A
88
Q

Award sceme

A
89
Q

Bonus

A
90
Q

Chain of Command

A
91
Q

Communication

A
92
Q

Contract of Employment

A
93
Q

Customer Service

A
94
Q

CV

A
95
Q

Delegation

A
96
Q

Development

A
97
Q

Digital Communication

A
98
Q

Discriminination

A
99
Q

Employment agency

A
100
Q

Employment Law

A
101
Q

Employment Tribunal

A
102
Q

External communication

A
103
Q

External methods of recruitment

A
104
Q

External recruitment

A
105
Q

Feedback

A
106
Q

Flexible working

A

Business flash cards (5 decks)

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