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