Keywords Flashcards
Assest
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 judgement or idea rather then presenting the evidence fairly
Brand Loyalty
A customers willingness to buy a product from a particular business rather than from its 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 its rivals that is unique and sustainable
Consumer
Someone who buys and uses goods and services
Convenience
A product or services ability to fit in well with the customers lifestyle or routine, the ease with which it can be used and/or it’s easy to reach location.
Customer base
The clients here by the products/services of a business, a proportion of whom are repeat customers.
demographics
Relating to the structure of a population e.g. age race religion
differentiate
Show that a product is different from similar products
E-commerce
Using the Internet to carry out business transactions e.g.selling online
Enterprise
A person or organization with the purpose of producing goods and services to meet the customer needs
E-tailing
Retailing to customers through the Internet searches through an e-commerce website
Exports
The flow of goods and services out of the country and into another country
Imports
The flow of goods and services into a country from another country
innovation
changing an existing product or process
Interest
The cost of borrowing, Or a percentage of the amount of money borrowed that must be repaid in addition to the original amount borrowed.
invention
Creating something completely new
Investment
Putting money into a business with the intention of making a profit
Legislation
The laws that a business must comply with
logistics
The organization and management of the transport of raw materials and goods
Marketing mix
The 4 P’s of marketing, which are product, price, promotion and place
Market research
The process of gathering information about the market and customer needs and wants in order to help inform business decisions including, product design and marketing
Market share
The proportion of sales in a market that are taken by one business
motivated
When an employee has reasons for working well and increasing their productivity
multinational
A business with operations in more than one country
Obsolete
Out of date or no longer used
Partnership
A business that is owned by a group of two or more people who share the financial risks, the decision making and the profits
Pressure Group
A group of people who join together to try to influence government policy or business policy for a particular cause
Price Point
The point on a scale of possible prices at which a business fixes the price of its products
Private Limited Company
An incorporated business that is owned by shareholders who invest in the business in return for a share of the profit and voting rights for the annual general meeting
profit
The amount of revenue leftover once cost have been deducted
profit margin
The proportion of revenue left over after costs have been deducted
PLC
public limited company, and incorporated business that can sell shares to the public
Qualitative
concerning the quality of something that cannot be measured in numbers e.g. opinions, surveys.
Quantitative
Concerning the quality or amount of something that can be measured in numbers
Reasonable care
Taking enough care to ensure that a product or service is suitable for customers such as providing a meal that can be eaten
Redundancy procedures
The process through which a business stops employing some of the staff because their roles are no longer needed
reliable
Representative of a wider group of the population as a whole
repeat purchases
Products or services that are repeatedly purchased by the same group of customers… can be measured by customer loyalty
retailing
Selling products or services to customers in a physical shop
Retained profit
Money that a business keeps, rather than paying out to its shareholders
revenue
The money that comes into a business from sales
reward
The money that an entrepreneur or investor receives when a business succeeds
Risk
The possibility that an enterprise will have lower than anticipated profit or experience a loss
Roles
The different jobs within a business
Share Capital
Money that is raised by a business issuing shares that is then sells to those who wish to invest it.
Shareholders
Investors who are part owners of the company
Social Media
Websites that allow users to interact with other users, but sharing text based messages, pictures or links to online content
sole trader
A type of unincorporated business that is owned by just one person
Span of control
The number of employees that are managed by a manager E.G.if a person manages three employees, their span of control is three
Start up
A new business, usually with only a small number of employees, perhaps only one
Stock
The products held by a business in and shop or warehouse, usually for sale to customers
Stock exchange
A place where shares in PLCs can be bought and sold
Trade credit
A credit arrangement that is offered only to businesses by suppliers
Unique selling point (USP)
Something that makes a product or service stand out from its competitors
Venture-capital
Money that a business sources from individuals, groups of people, whomwish to invest that money into a new business
