revision Flashcards
Aims
Overall long-term target or goal of the business
Accounts
The process of recording financial transactions pertaining to a business
Advertising
A marketing communication that employs an openly sponsored non-personal message to promote or sell a product, service or idea.
Brand
A business and marketing concept that helps people identify a particular company, product, or individual.
Brand loyalty
The positive association consumers attach to a particular product or brand.
Businesses
An organization or enterprising entity engaged in commercial, industrial, or professional activities.
Budgets
A spending plan for your business based on your income and expenses.
Business plans
A written document that describes in detail how a business usually start-up, defines its objectives and how it is to go about achieving its goal.
Cash
Legal tender that can be used to exchange goods, debt, or services.
Debt
Money borrowed by one party from another
Ethical objectives
A concept of acceptable behaviors and a set of organization goals that comply with fair business practices, ethical guidelines, and established moral principles.
Entrepreneur
An individual who creates a new business, bearing most of the risks and enjoying most of the rewards of the business.
Investment
An asset or item acquired with the goal of generating income or appreciation
Market
A place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.
Market research
The process of determining the viability of a new service or product through research conducted directly with potential customers.
Market share
The percent of total sales in an industry generated by a particular company (the more the better)
Primary Industry
Extract, process, produce and package raw materials and basic foods from the earth (fishing, agriculture, oil and gas extraction)
Secondary industry
Manufacture process, construct finished goods by transforming raw materials.
Tertiary industry
Sells the finish product or uses the finished product to provide service (hospital, healthcare)
Product
An object, system or service made available for consumer use as of the consumer demand.
Profit
The financial benefit realized when the revenue generated from a business activity exceeds the expenses, and costs, and is involved in sustaining the activity in question. (sale revenue - cost)
Sales promotion
Sales promotion
A marketing strategy in which a business uses a temporary campaign or offer to increase or demand in its product or service.
Sales revenue
The revenue that comes from sales of products and services. Calculate by (number of products or services sold x price per unit)
Start-up capital
The money that entrepreneurs use to pay for any or all of the required expenses involved in creating a new business.
Stock
A security that represents the ownership of a fraction of a corporation.
Corporate Social Responsibility (CSR)
A management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.
Unique selling point (USP)
It is the essence of what makes your product or service better than competitors.
Reduce, Reuse, Recycle - 3Rs
Reduce- minimize the amount of waste the company creates.
Reuse- using items more than once
Recycle- putting a product to a new case instead of throwing it away.
Sustainability
Refers to doing business without negatively impacting the environment, community, or society as a whole.
Non-profit organizations (NGOs)
A business has been granted tax-exempts status by the internal revenue service (IRS) because it furthers a social cause and provides a public benefit.
