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Old Decks > as_business_u1_20230227145405 > Flashcards

as_business_u1_20230227145405 Flashcards

1
Q

Business Idea

A

A potential Business Opportunity

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2
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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3
Q

Innovation

A

A new idea/invention which is launched onto the market

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4
Q

Franchise

A

When one business allows another permission to trade using its name and products/services

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5
Q

Copyright

A

Legal protection that has produced work in literature, drama, music, art, ect, which prevent that work from being copied without the permission of the owner

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6
Q

Patent

A

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

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7
Q

Trademark

A

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

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8
Q

Marketing

A

The management process that allows firms to indentify, anticipate and fulfill customer needs profitably.

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9
Q

Market research

A

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

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10
Q

Primary market research

A

The collection of first hand data for a specific purpose. Didn’t exist before.

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11
Q

Secondary market research

A

The use if data that already exists, already collected by an organisation/own

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12
Q

Internal secondary data

A

The use if back data that already exists in a business, colleceted for records ect…

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13
Q

External secondary data

A

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

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14
Q

Qualitative research

A

Non statistical information in depth insight into opinions and reasons for behaviour.

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15
Q

Quantitative

A

Statistical market research.

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16
Q

Sample

A

Representative section of the whole population that is studied for market research.

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17
Q

Random sample

A

Representative group of population with an equal chance for selection.

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18
Q

Quota sample

A

People chosen reflect the characteristics of the market..

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19
Q

Stratified sample

A

A group studied selected from a specific sub section of the population.

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20
Q

Bias

A

A factor that finds findings to be unrepresentative of population as a whole.

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21
Q

Confidence level

A

How likely it is the data is representative of the whole population..

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22
Q

Market

A

Any situation which brings together buyers and sellers to conduct transactions

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23
Q

Demand

A

The willingness and ability to buy a good/service

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24
Q

Quantity Demanded

A

The number of products that consumers are willing and able to buy at a given price

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25
Q

Market Segment

A

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

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26
Q

Market Segmentation

A

Breaking down the market into smaller groups of customers with specific needs/characteristics, determining their wants and needs and deciding how this can be targeted

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27
Q

Market Size

A

Total sales in the market

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28
Q

Market Growth

A

The % change in market size from one year to the next

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29
Q

Market Share

A

The proportion of the total market sales made by one firm

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30
Q

Market Mapping

A

A visual wat to represent segments of the market according to 2 variables

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31
Q

Market Niche/Gap in the market

A

A customer need which is not currently being met by any business

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32
Q

Price

A

The component of marketing mix that determines the amount paid for a good/service.

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33
Q

Price Leader/Price maker

A

A business that has the power to influence the market price, due to significant market share or price inelasticity.

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34
Q

Price Taker

A

A business which sets its price at the market price, due to low market share or price elastic.

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35
Q

Pricing Strategies

A

Long term pricing plans to achieve business objectives

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36
Q

Price Discrimination

A

Charging different groups of customers different prices, where the difference in price doesn’t reflect the difference in provision.

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37
Q

Price Skimming

A

A pricing strategy that involves entering the market with a high price that early adopters will pay in order to recoup high development costs.

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38
Q

Destroyer/Predator Pricing

A

Pricing below cost with the aim to try and put rivals out of business, then raising when competition is removed, illegal.

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39
Q

Pricing Tactics

A

Manipulating price in order to achieve short term objectives

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40
Q

Loss Leaders

A

A pricing tactic that involves making a loss on certain products in order to try and attract customers to buy other goods.

41
Q

Psychological

A

A tactic designed to entice customers to buy products they think are cheaper.

42
Q

Price elasticity of Demand

A

The responsiveness of a change in demand following a change in price.

43
Q

Price Inelasticity

A

Quantity demanded isn’t very responsive to a change in price

44
Q

Price Elastic

A

Quantity demanded is very responsive to a change in price

45
Q

Promotional Mix

A

The combination of promotional activities that a firm uses in order to create awareness/generate sales.

46
Q

Promotion

A

Bringing attention to a producto/range of products to existing/new customers.

47
Q

Promotional Activities

A

The way in which businesses communicate with existing and potential customers.

48
Q

Direct Selling

A

When the supplier of a product sells straight to the final consumer cutting out intermediaries.

49
Q

Merchandising

A

The visual representation of a product to the consumer at the point of sale.

50
Q

Advertising

A

A promotional method that involves communicating with the media and other interested parties in order to get favourable publicity.

51
Q

Public Relations

A

A promotional method that involves communicating with the media and other interested parties in order to get favourable publicity.

52
Q

Branding

A

The creation of an identity for a business and/or its individual products in order to differentiate them from rivals.

53
Q

Business Idea

A

A potential business opportunity.

54
Q

Research and Development

A

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

55
Q

Franchise

A

When one business allows the permission to trade using its name and products/service. Successful/Proven Idea, Marketing nationally by FranchisePay for rights/reduced profitNo wage cost, Spreads Business, Receive profits Franchise doesn’t work damages it its reputation

56
Q

Copyright

A

Legal protection for anyone that has produced any literature, music, recordings, drama, art and broadcasts preventing them from being copied without permission of the owner.

57
Q

Patent

A

Protection of an idea for a fixed period of time.

58
Q

Trademark

A

Protests features of which distinguishes a business.

59
Q

Adding Value

A

The process of increasing the worth of resources by modifying them.

60
Q

Value Added

A

The value of finished goods over and above the cost of inputs used.

61
Q

Primary Sector

A

Extraction of raw materials.

62
Q

Secondary Sector

A

Turning raw materials into finished goods.

63
Q

Tertiary Sector

A

Provision of services.

64
Q

Business Plan

A

A business plan is a report describing the marketing, operational, HR and financial strategies of a business

65
Q

Business Objectives

A

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

66
Q

Marketing

A

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

67
Q

Primary Research

A

The collection of first hand data for a specific purpose, not existing before.

68
Q

Secondary Research

A

The use of data that already exists as it has already been collected.

69
Q

Internal Secondary Data

A

The use of data that has already been collected by the business.

70
Q

Qualitative Research

A

The gathering of non statistical information giving reasons and opinions of human behaviour.

71
Q

Quantitative Research

A

The gathering of statistical research.

72
Q

Sample

A

A representative section of the whole population.

73
Q

Random Sample

A

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

74
Q

Quota Sample

A

A representative group from the whole population where the people reflect the characteristics of the target market.

75
Q

Stratified Sample

A

A group to be studied selected from a specific sub-section of the population, with an equal chance of being selected.

76
Q

Bias

A

A factor that causes the research to be unrepresentative.

77
Q

Confidence Level

A

How likely it is that the data collected will represent the view of the population.

78
Q

Markets

A

An interaction between buyers and sellers to exchange goods/services.

79
Q

Market Segment

A

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

80
Q

Market Segmentation

A

The technique of breaking down the market into smaller groups of customers with specific characteristics.

81
Q

Market Size

A

Total sales in a market.

82
Q

Market Growth

A

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

83
Q

Market Share

A

The proportion of the total market sales made by one firm.

84
Q

Niche Market

A

A market of which provides for a small number of people with specific needs.

85
Q

Employer

A

A business that pays employees a wage or salary to work for them.

86
Q

Employee

A

A person who works for a business supplying labour services in return for a wage.

87
Q

Full Time Employee

A

A worker who is contracted to work for over 30 hours in one week.

88
Q

Part Time Employee

A

A worker who is contracted to work for over 30 hours in one week.

89
Q

Consultant

A

An individual or business who provides professional advice/services for a fee.

90
Q

Electronic Market

A

Where buyers and seller meet to make transactions in the virtual world, i.e over the internet or phone.

91
Q

Local Market

A

Customers are located in a small geographical area.

92
Q

National Market

A

A geographically dispersed market where customers are widely dispersed.

93
Q

Quantitative Factors

A

Factors influencing business start-ups measured by financial costs/benefits.

94
Q

Qualitative Factors

A

Factors influencing start-up location based upon personal preferences/opinions/needs.

95
Q

Sole Trader

A

A sole trader is a business that is unincorporated (has unlimited liability) and which is owned by one person. Profit kept, full control, unlimited liability, difficult to raise finance, skills required?

96
Q

Private Limited Company

A

A private limited company is incorporated (has limited liability) and is usually run by the owners. Funds, liable for debts, shared business taking profits.

97
Q

Public Limited Company (PLC)

A

Where the shares are brought and sold by the general public meaning they have a market value. Floatation expensive, separation of ownership/control. Scale of funds, banks/investors see PLC as stable.

98
Q

Social Entreprise

A

Provides a social benefit not for profit, where profits are re-invested.

99
Q

Market Research

A

The collection and analysis of market information

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