Year 10 - Business Activity Flashcards
Gap in the Market
Offering a product that is wanted, but which other businesses do not provide.
Products
A good or service.
Goods
Things that can be touched.
Service
Things done to or for a customer.
Internal Stakeholders
Those with a direct interest in a business.
Shareholders
Owners of shares in a business.
Stakeholders
A person, group or organisation with a direct stake in a business.
External Stakeholders
Individuals, groups or other businesses that have a less direct stake in a business.
Aims
Long term goals towards which a business can work.
Objectives
Shorter term targets that can be measured.
Mission Statement
Statement of values and ambitions of a business that defines how it operates.
Social Enterprise
An organisation with social objectives, aimed at stakeholders such as members, customers and communities.
Co - operatives
A group that shares in a business to ensure a fair deal for members.
Mutual Society
A society set up to provide benefit to its members.
Charity
A ‘business’ that tries to do the most good for its chosen cause.
Primary Production
The first stage of the production process, dealing with raw materials.
Secondary Production
The second stage of production, dealing with making the good.
Tertiary Production
The third stage of production, dealing with services.
Chain of Production
The stages of production through which a product passes, from primary to secondary to tertiary.
