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Business Studies > March 2021 Revision key words > Flashcards

March 2021 Revision key words Flashcards

1
Q

Enterprise

A

Spotting opportunities

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2
Q

Initiative

A

Making decisions using your own judgement

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3
Q

Business plan

A

How owners/managers sets out objectives

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4
Q

finance

A

money

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5
Q

partnership

A

a business owned by 2-20 people

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6
Q

soletrader

A

Business owned by 1 person

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7
Q

deed of partnership

A

legal document stating owner of partnership, money each invested & their role

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8
Q

Public limited liability (Ltd)

A

Only sells shares to family/friends

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9
Q

Public limited liability (PLC)

A

Sells shares to anyone on stock exchange market

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10
Q

Business objectives

A

aims - survival, profit, growth and providing a service

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11
Q

Stakeholders

A

People who show an interest in a business

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12
Q

Growth

A

Increasing sales in a business

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13
Q

Organic growth

A

Growth inside a business

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14
Q

Backward vertical growth

A

A distributor merges with suppler

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15
Q

Diversification

A

Entering a new market when merging/acquisition

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16
Q

External growth

A

Outside the business - takeover or merger

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17
Q

Forward vertical growth

A

A supplier merges with distributor

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18
Q

Horizontal growth

A

Same stage of production

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19
Q

Merger

A

two or more businesses join to become a new business

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20
Q

Takeover / Acquisition

A

Controlling interest in another business, buys 50% or more of shares

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21
Q

Marketing

A

Finding and meeting the needs of customers

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22
Q

Market research

A

Collecting data on customer’s habits

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23
Q

Primary research (field)

A

Data collected for the first time

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24
Q

Secondary research (desk)

A

Collecting data that already exists

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25
Q

4p’s of the marketing mix

A

profit, product, promotion, place

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26
Q

Price skimming

A

Product with initially high price then starts to decrease

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27
Q

Cost-plus pricing

A

Cost of production of product and a set amount or profit are added

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28
Q

Promotional

A

Lowering price

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29
Q

Competitor pricing

A

Products priced at similar amount to competitors products

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30
Q

Penetration

A

price starts low then increases once sales have grown

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31
Q

Point of sale promotion

A

A benefit to the customer when buying a product

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32
Q

Physical distribution

A

the movement of goods from producer to consumer

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33
Q

Physical distribution channel 1

A

Producer - consumer

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34
Q

Physical distribution channel 2

A

Producer - retailer - consumer

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35
Q

Physical distribution channel 3

A

Producer - wholesaler - retailer - consumer

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36
Q

Digital distribution

A

The distribution of goods and services digitally - downloads

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37
Q

Tall organisational structure

A

Many layers of staff in a business

38
Q

Flat organisation structure

A

Little layers of staff in a business

39
Q

authority

A

Power

40
Q

Subordinates

A

Workers that a line manager is responsible for

41
Q

Delegation

A

A manager gives their subordinate responsibility to make certain decisions

42
Q

Chain of command

A

Link in authority from top to bottom of the business

43
Q

Span of control

A

The number of subordinates that a manager has authority over

44
Q

Full time working

A

Person works 35+ hours a week

45
Q

Flexible working

A

Working at a time when it suits the employee

46
Q

Part-time working

A

Person works less than 35 hours a week

47
Q

Self-employment

A

When people work on their own

48
Q

Temporary working

A

A person works for a short period of time for an employer

49
Q

Working from home

A

When a person completes work for a business or themselves from home

50
Q

Working while mobile

A

Working while on the move

51
Q

Communication

A

transmission of a message from a sender to a receiver through a means of communication

52
Q

Verbal communication

A

communicating by speaking (face to face )

53
Q

Written communication

A

communication by written words

54
Q

Digital communication

A

The electronic exchange of information using ICT

55
Q

Recruitment

A

The process of finding people to work in a new or established business

56
Q

Bonus

A

An additional payment to workers for achieving a target

57
Q

Fringe benefits

A

Additional benefits that works may receive in addition to their pay

58
Q

Motivation

A

Encouragement given to workers to work well

59
Q

Pay

A

The money earned by a worker as a reward for the work they do

60
Q

Profit sharing

A

When workers receive some of the profits made by a business

61
Q

Award scheme

A

A presentation to recognise an individual worker or team’s effort and achievement

62
Q

Praise

A

Complimenting an employee’s work to make them feel recognised and valued

63
Q

Working environment

A

The quality of physical workplace and its atmosphere

64
Q

Labour turnover

A

A measure of the number of proportion of staff who leave an organisation each year and who therefore need replacing

65
Q

Motivation

A

About commitment to do something, in other words, ‘the will to want to work’

66
Q

Retention

A

When workers choose to stay employed in a business rather than leaving to work elsewhere

67
Q

Induction training

A

Introducing a new worker to an organisation when they first join

68
Q

Off-the-job training

A

Training off site of usual place of work

69
Q

On-the-job

A

Training on site of usual place of work whilst carrying out the job

70
Q

Training

A

short term instruction that focuses on helping a worker to do their job correctly / gain more knowledge

71
Q

Productivity

A

Output per worker measuring their performance

72
Q

Apprenticeship

A

A long-term development programme for workers ro learn job skills while they work

73
Q

Professional development

A

Involves developing the long-term potential of workers

74
Q

Staff development

A

Includes apprenticeships and professional development programmes

75
Q

Contract of employment

A

a legal agreement between an employer and an employee

76
Q

Discrimination

A

Treating one worker differently to another for no acceptable reason

77
Q

Employment law

A

Regulations and rules put in place to protect workers from employers who may treat them unfairly

78
Q

Statement of employment particulars

A

Part of a contract of employment, it gives details of the terms of employment

79
Q

Formula to work out holiday entitlement

A

days worked per week x 5.6

80
Q

Spotting an opportunity

A
  • ‘gap in the market’
  • improves product/service already provided
  • producing a product or service more cheaply
81
Q

Developing an idea

A
  • designing the product/service

- planning production

82
Q

Satisfying customer needs

A
  • producing the product or producing the service

- marketing the product or service

83
Q

Limited liability

A

Owners are only responsible for the amount of money they invested if a business fails

84
Q

Unlimited liability

A

Owner is responsible for repaying ALL debts of a business

85
Q

Questionnaire

A

A set of questions sent out to selected people in the post or asked online

86
Q

Interview

A

A person asks individual or a group of people questions (in person or on phone) and records their answers

87
Q

Trialling

A

a product is sold for a short period, usually in one region of a country. If it sells well the business will go into full production

88
Q

Focus groups

A

A small group of people are asked to use a product or think about an advertisement and to give their opinion. The feedback helps the business to re-design the product or advert.

89
Q

UK census data

A

info about all UK households every 10 years.

info about income, where they live, people in household

90
Q

Data from newspapers and magazines

A

articles in publications often describe people’s interests and current fashions

91
Q

Data from websites

A

info about other companies, product range and prices

92
Q

Internal data

A

collected by business - past sales, profits and customer feedback

Business Studies (8 decks)

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