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Business > Unit 1 - Keywords > Flashcards

Unit 1 - Keywords Flashcards

1
Q

Social enterprise

A

An enterprise whose sole aim is not just to make profit but to benefit society

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2
Q

Stakeholder

A

Someone who is affected by, or has an effect on a business

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3
Q

Entrepreneur

A

A person who is willing to take a risk on a business

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4
Q

Good

A

Something that is tangible

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5
Q

Service

A

Something that is intangible

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6
Q

Deindustrialisation

A

The shift from the secondary sector to the tertiary sector

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7
Q

Interdependency

A

Where each stage of production relies on each other

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8
Q

Niche market

A

Where businesses target their product at a small section of the market

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9
Q

Chain of production

A

This shows the stages that a products goes through to be ready to be sold to customers

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10
Q

Mass market

A

Where businesses target their product at the entire market + appeal to all customers

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11
Q

Partnership

A

A form of ownership where 2-20 people own the business

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12
Q

Deed of Partnership

A

A document drawn up that shows the rights + responsibilities of all partners

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13
Q

Franchisor

A

A business which allows another business to use its name

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14
Q

Shareholder

A

Someone who owns part of the business + receives dividends each year

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15
Q

Royalty

A

The % of the profit paid from the franchisee to the franchisor

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16
Q

Franchisee

A

A business uses another business’ name to trade, + pays royalties

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17
Q

Memorandum of Association

A

A document drawn up for new businesses for external stakeholders when forming an Ltd

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18
Q

Dividends

A

A % of the profit given to shareholders each year

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19
Q

Limited liability

A

Where personal possessions cannot be taken if the business fails + leaves a debt

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20
Q

Articles of Association

A

A document drawn up for new businesses for internal stakeholders when forming an Ltd

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21
Q

Business plan

A

A document drawn up for new businesses showing what they plan to do + how they plan to achieve it

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22
Q

E-commerce

A

Business conducted over the internet

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23
Q

Demand curve

A

A diagram showing the relationship between demand + price

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24
Q

Qualitative research

A

Research that aims to understand consumer behaviour, attitudes + perceptions. Explore opinions + reasons

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25
Q

Quantitative research

A

Research that aims to understand about data + measurable facts

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26
Q

Marketing mix

A

The 4 P’s of marketing - product, price, place, promotion

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27
Q

Above the line

A

A form of promotion that uses the media + external agencies

28
Q

Below the line

A

A form of promotion that the company does themselves

29
Q

Channel of distribution

A

The way in which a product reaches the customer

30
Q

Sample

A

A group of customers who are questioned during primary research

31
Q

Primary/field research

A

When the business collects original, first hand information

32
Q

Secondary/desk research

A

When the business collects second hand information from other sources

33
Q

Branding

A

A named product that is seen as different

34
Q

Market research

A

Process of asking customers their opinion + finding out about the market you are in

35
Q

Marketing

A

Identifying + meeting the needs of the customer

36
Q

Product range

A

A group of similar products made by a business

37
Q

Product differentiation

A

Methods to make a product seem different from another

38
Q

Product mix

A

The number of different products made by a business

39
Q

Human resources

A

It is everything to do with employees in an organisation

40
Q

Aptitude test

A

A test to find out whether someone has a natural ability for a particular type of work

41
Q

Working environment

A

Ensuring employees have a pleasant place to work w/ adequate facilities

42
Q

Employment law

A

Rules that exist to govern the workplace

43
Q

Letter of application

A

Specific to a company + is used instead of CV’s

44
Q

Bonus

A

Given a sum of money for good work, sometimes at Christmas

45
Q

Share options

A

Giving employees shares within the company at a reduced rate

46
Q

Job enrichment

A

Giving employees more interesting + challenging tasks

47
Q

Profit sharing

A

Given a small % of the profit a business makes

48
Q

Full time

A

A person who works between 35 + 40 hours a week

49
Q

Empowerment

A

Allowing employees to make decisions

50
Q

Interview

A

A formal meeting in person for the assessment of the qualifications of an applicant

51
Q

Person specification

A

A description of the type of person required to do the job

52
Q

Fringe benefit

A

Benefits on top of your pay e.g. mobile phone, health insurance, company car

53
Q

Promotion

A

Giving employees a position of higher responsibility, normally with a wage increase

54
Q

Assessment centre

A

A group of participants undertake a series of job related exercises

55
Q

Motivation

A

The will to work due to the enjoyment of the work itself

56
Q

Internal recruitment

A

Looking within the business to fill a position

57
Q

Praise

A

Telling employees they have done a good job

58
Q

Job description

A

A written account of what a job involves

59
Q

Curriculum vitae (CV)

A

A brief history of the applicant’s career/ It is general + not specific to any job

60
Q

Part time

A

A person who works between 16 + 20 hours a week

61
Q

Salary

A

Workers are paid a set annual sum on a monthly basis

62
Q

Application form

A

Specific to a job that you want to apply for outlining how you are the best person for that role

63
Q

Recruitment

A

The process of finding new staff for a business

64
Q

Wages

A

Where workers are paid an hourly rate, normally every week

65
Q

Teamwork

A

Allowing employees to work together

66
Q

External rectuitment

A

Appointing someone externally to fill a position

67
Q

Role

A

The tasks which a person must do to fulfil a position in the business

Business (13 decks)

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