Unit 1 - Keywords Flashcards
Social enterprise
An enterprise whose sole aim is not just to make profit but to benefit society
Stakeholder
Someone who is affected by, or has an effect on a business
Entrepreneur
A person who is willing to take a risk on a business
Good
Something that is tangible
Service
Something that is intangible
Deindustrialisation
The shift from the secondary sector to the tertiary sector
Interdependency
Where each stage of production relies on each other
Niche market
Where businesses target their product at a small section of the market
Chain of production
This shows the stages that a products goes through to be ready to be sold to customers
Mass market
Where businesses target their product at the entire market + appeal to all customers
Partnership
A form of ownership where 2-20 people own the business
Deed of Partnership
A document drawn up that shows the rights + responsibilities of all partners
Franchisor
A business which allows another business to use its name
Shareholder
Someone who owns part of the business + receives dividends each year
Royalty
The % of the profit paid from the franchisee to the franchisor
Franchisee
A business uses another business’ name to trade, + pays royalties
Memorandum of Association
A document drawn up for new businesses for external stakeholders when forming an Ltd
Dividends
A % of the profit given to shareholders each year
Limited liability
Where personal possessions cannot be taken if the business fails + leaves a debt
Articles of Association
A document drawn up for new businesses for internal stakeholders when forming an Ltd
Business plan
A document drawn up for new businesses showing what they plan to do + how they plan to achieve it
E-commerce
Business conducted over the internet
Demand curve
A diagram showing the relationship between demand + price
Qualitative research
Research that aims to understand consumer behaviour, attitudes + perceptions. Explore opinions + reasons
Quantitative research
Research that aims to understand about data + measurable facts
Marketing mix
The 4 P’s of marketing - product, price, place, promotion
Above the line
A form of promotion that uses the media + external agencies
Below the line
A form of promotion that the company does themselves
Channel of distribution
The way in which a product reaches the customer
Sample
A group of customers who are questioned during primary research
Primary/field research
When the business collects original, first hand information
Secondary/desk research
When the business collects second hand information from other sources
Branding
A named product that is seen as different
Market research
Process of asking customers their opinion + finding out about the market you are in
Marketing
Identifying + meeting the needs of the customer
Product range
A group of similar products made by a business
Product differentiation
Methods to make a product seem different from another
Product mix
The number of different products made by a business
Human resources
It is everything to do with employees in an organisation
Aptitude test
A test to find out whether someone has a natural ability for a particular type of work
Working environment
Ensuring employees have a pleasant place to work w/ adequate facilities
Employment law
Rules that exist to govern the workplace
Letter of application
Specific to a company + is used instead of CV’s
Bonus
Given a sum of money for good work, sometimes at Christmas
Share options
Giving employees shares within the company at a reduced rate
Job enrichment
Giving employees more interesting + challenging tasks
Profit sharing
Given a small % of the profit a business makes
Full time
A person who works between 35 + 40 hours a week
Empowerment
Allowing employees to make decisions
Interview
A formal meeting in person for the assessment of the qualifications of an applicant
Person specification
A description of the type of person required to do the job
Fringe benefit
Benefits on top of your pay e.g. mobile phone, health insurance, company car
Promotion
Giving employees a position of higher responsibility, normally with a wage increase
Assessment centre
A group of participants undertake a series of job related exercises
Motivation
The will to work due to the enjoyment of the work itself
Internal recruitment
Looking within the business to fill a position
Praise
Telling employees they have done a good job
Job description
A written account of what a job involves
Curriculum vitae (CV)
A brief history of the applicant’s career/ It is general + not specific to any job
Part time
A person who works between 16 + 20 hours a week
Salary
Workers are paid a set annual sum on a monthly basis
Application form
Specific to a job that you want to apply for outlining how you are the best person for that role
Recruitment
The process of finding new staff for a business
Wages
Where workers are paid an hourly rate, normally every week
Teamwork
Allowing employees to work together
External rectuitment
Appointing someone externally to fill a position
Role
The tasks which a person must do to fulfil a position in the business
