Business Studies- Glossary Flashcards
advertising media
the various places where advertisements may be found such as television, newspapers or the internet
aim
the long term objective of a business
backward vertical integration
when the suppliers of a business are taken over by that business
bank loans
long to medium term loans which can be used to buy producer goods. these good are the property of the business, failure to repay the loan can lead to the business being closed down
batch production
when a small number of identical products are made at once, this can be as often as required
blogs
provide information and allow discussion on the internet with other users producing their own entries or posts
break-even
where the total amount of money taken in by a business is the same as the amount of money taken out
where neither a profit or loss is made
where total revenue is equal to total costs
business angels
wealthy individuals who invest their private capital into start-up businesses in return for a share in their business
business plan
helps when making decisions by showing the aims and objectives of a business and the strategies and requirements needed to achieve these
provides information to banks and other possible providers of finance to persuade these to grant loans and other monies to the business
cash
money held by the business or in its bank accounts
chain of command
the path along which orders pass within a business from the management to the shop floor
commercial services
services that provide mainly to businesses such as transport and warehousing but they may also be available to individuals such as insurance and banking
cash-flow forecast
cash-flow involves the difference between the inflow and outflow of cash in a business
businesses predict what they expect to happen to their cash-flow in the future
competitive environment
where there are a number of businesses attempting to persuade customers to buy their products
competition will be based on such factors as price, design and quality
competitive pricing
a pricing strategy which involves the producer offering goods for sale at a price at or below that set by competitors
