Theme 2 (1) Flashcards
Adapting existing products
Finding new products based on the original one.
Aims/Objectives
An overall or long-term target for an individual or a business.
Clear, measurable goal
A clear, measurable goal, so success or failure is clear to see.
Asset
Any item of value that a business owns, such as its machinery or premises.
Branding
The process of creating a distinct identity for a product or business which highlights how it is different from competing products or businesses, through using a logo, name or creating a personality.
Break-even level of output
The point where revenue received meets all of the costs of a business.
Business decisions
Choices that have to be made by a business, usually within a short time period.
Business failure (insolvency)
The collapse of a business, probably leading to its closure.
Business plan
A detailed document setting out the marketing and financial thinking behind a proposed new business.
Cash flow forecast
Estimating the cash inflows and outflows of a business over a future time period.
Cash-Flow
The money coming into and going out of a business within a period of time.
Competition
The rivalry that exists between businesses selling products.
Competitive Advantage
A feature of a business that helps it to succeed against competitors.
Competitive environment
The strength of competition between companies in the same market.
Consumer
The person who ultimately uses (or consumes) a product.
Consumer Income
The amount households have available to spend after income taxes have been deducted.
Consumer Law
Acts of Parliament that are intended to protect customers from misleading or dangerous practices by companies.
Consumer rights
Laws that empower the consumer to demand certain minimum standards from every business supplier.
Convenience
The ability of a product to fit in with a customer’s lifestyle or routine.
Crowd funding
Raising capital online from many small investors (but not through the stock market).
Customer needs
What customers require when they purchase a product. There are four main customer needs: price, quality, choice and convenience.
Data
Information, particularly statistics, that can be collected and analysed.
Demographics
The characteristics of a population, such as age, gender, race, nationality, disability, and occupation.
Digital Communication
Messages or conversations conducted via email, text, or social media.
Discrimination
When someone is treated differently to someone else because of a particular characteristic, such as a disability, their ethnicity, or their sex.
Dynamic nature of business
The idea that business is ever-changing because external factors, such as technology, are always changing.
e-Commerce
Using the internet to carry out business transactions.
Economic climate
Like the weather, the economy can run cold or hot, the economic climate is a measurement of the level of economic activity within a country, which might be promising or worrying.
Economy
The system by which money is produced.
Enterprise
Entrepreneurial activity (can also mean a business or company).
Entrepreneur
A person who sets up a business and takes on financial risks in the hope of profit.
Ethics
Moral principles or standards that guide the behaviour of a person or business.
Exchange rate
The value of one currency expressed in terms of another.
Exports
Goods and services that are sold to other countries.
