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Business > Unit 1 - RZK > Flashcards

Unit 1 - RZK Flashcards

0
Q

Enterprise Skills

A

The skills that allow business owners and managers to recognise an opportunity and to take advantage of the rewards that might be available in exploiting it.

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1
Q

Enterprise

A

The willingness to undertake new ventures and show initiative, take a risk with a view to gaining reward.

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2
Q

Entrepreneur

A

A person who spots an opportunity and shows initiative and willingness to take risks in order to benefit from the potential rewards.

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3
Q

Opportunity Cost

A

The cost of one course of action in terms of the next best alternative forgone.

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4
Q

Business Idea

A

A potential business opportunity.

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5
Q

Research and Development

A

The initial stage of the product life cycle during which a business invests in the generation and development of new ideas.

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6
Q

Innovation

A

A new idea/innovation which is launched into the market.

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7
Q

Franchise

A

When one business (the franchiser) allows (franchisee) permission to trade using it’s name and products/services.

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8
Q

Copyright

A

Legal protection for anyone that has produced work in literature, drama, art, music and recordings and broadcasts which prevent the work being copied without the permission of the owner.

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9
Q

Patent

A

Protection of an idea by granting the holder the sole right the use unique features of a new product or process for a fixed period of time.

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10
Q

Trademark

A

Protects a feature the distinguishes a business such as words, pictures or logos that stops others copying it.

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11
Q

Adding value

A

The process of making finished goods/final services worth more to the customer than the sum of the inputs.

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12
Q

Value Added

A

The value of the finished goods over and above the costs of inputs used to make them.

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13
Q

Resources/Inputs/Factors of Production

A

Land, labour, capital and enterprise. These are inputs used in business processes.

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14
Q

Production or Transformation

A

The processing of raw materials or components into finished good outputs which meet customer needs.

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15
Q

Output

A

The finished goods or services that are achieved by the transformation of inputs.

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16
Q

Primary sector/Industry

A

Business at the start of the chain of production which extract raw materials or natural resources from the land.

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17
Q

Secondary Sector/Industry or Manufacturing

A

Business responsible for turning raw materials and/or components into finished goods.

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18
Q

Tertiary Sector/Industry

A

Business responsible for providing services. The largest sector in the UK.

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19
Q

USP

A

A feature that distinguishes a firms goods/services from those of it’s competitors.

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20
Q

Business Plan

A

A document that di scribes how an entrepreneur proposes to set up a new business. It includes the nature of the product/service, objectives, ownership, research findings, functional activities and financial forecasts.

21
Q

Business Objectives

A

Specific targets that a business wants to achieve within a set period of time.

22
Q

Small Business Advisor

A

A person with specialism who can offer support and information to a new enterprise.

23
Q

Government Incentives

A

Government policies aimed at influencing the behaviour of organisations. E.g. Grants to locate in a certain area or tax breaks to encourage R&D spending.

24
Q

Government Grant

A

A sum of money given to a business for a specific purpose/project which does not have to be repaid.

25
Q

Government Agencies

A

Publicly funded organisations whose remit is to support entrepreneurs and enterprising behaviour by offering advice, information or access to grants.

26
Q

Enterprise Zone

A

Area (usually with high unemployment levels) where business can attract grants and incentives if they locate there.

27
Q

Marketing

A

The management process that allows firms to identify, anticipate and fulfil customer needs profitability.

28
Q

Market Research

A

The collection, collation and analysis of data and information regarding a particular market.

29
Q

Primary Market Research

A

The collection of first hand data for a specific purpose. As it’s specific it did not exist before.

30
Q

Secondary Market Research

A

The use of data that already exists as it has already been collected by your own or another organisation.

31
Q

Internal Secondary Data

A

The use of backdate that already exists within a business, it will have been collected for other purposes. Not an option for start ups!

32
Q

External Secondary Data

A

The use of data collected for other purposes from sources outside of the business.

33
Q

Qualitative Research

A

The gathering of non-statistical information that gives in depth insight into the opinions of respondents and reasons for human behaviour.

34
Q

Quantitative Research

A

The gathering of statistical market research data.

35
Q

Sample

A

A representative section of the whole population that is studied for research purposes.

36
Q

Random Sample

A

A representative group from the whole population selected to be studied where each individual in the population has an equal chance of being selected.

37
Q

Quota Sample

A

A representative group form the whole population selected to be studied where the people chosen reflect the characteristics of the target market.

38
Q

Stratified Sample

A

A group to be studied from a specific sub-section (strata) of the population. If all the people in the sub-section have an equal chance of being chosen then this is a stratified random sample.

39
Q

Bias

A

A factor that causes research findings to be unrepresentative of the population as a whole.

40
Q

Confidence Level

A

How likely is it that the data collected is representative of the views of the population. A 95% confidence level data is very representative as the same answers would be obtained 95% of the time if the research were to be conducted again with different samples.

41
Q

Market

A

Any situation which brings together buyers and sellers to conduct transactions.

42
Q

Demand

A

The willingness and ability to buy a good/service.

43
Q

Quantity Demanded

A

The number of products ( good or service) that customers are willing and able to buy at any given price.

44
Q

Market Segment

A

A small section of the market containing a group of customer with similar characteristics.

45
Q

Market Segmentation

A

The technique of breaking down the market into smaller groups of customers with specific characteristics, determine their wants and needs and deciding on how these can beat be targeted.

46
Q

Market Size

A

Total sales in a market. (By volume - units, or value - £).

47
Q

Market Growth

A

The % change in market size form one year to the next.

48
Q

Market Share

A

The proportion of the total market sales (value or volume) made by one firm.

49
Q

Market Mapping

A

A visual way to represent segments of the market according to two variables.

50
Q

Market Niche

A

Gap in the market. A customer need which is not currently being met by any other business.

Business (2 decks)

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