KEY DEFINTIONS/ FORMULAS FOR BUSINESS OPPORTUNITIES Flashcards

1
Q

SMEs

A

Small and Medium-sized Enterprises.” This term refers to businesses that fall within a certain size range in terms of their annual revenue, number of employees, or other criteria, depending on the country and industry.

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1
Q

enterprise

A

A person spotting a business opportunity and setting up a business business ideas come about for a number of reasons often because they feel their needs aren’t being met

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2
Q

business opportunities

A

needs and wants are not fixed. they can change quickly as fashions and lifestyles change and also over the longer term as incomes increase and population change, meaning the markets are always changing and new opportunities are constanty arising.

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3
Q

market

A

a meeting place between buyers and sellers where goods and services are exchanged, usually for money.

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4
Q

competition

A

competition refers to the rivalry and interaction between companies operating in the same market or industry, as they strive to attract customers, increase market share, and achieve superior performance relative to their competitors

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5
Q

market share calc

A

sales of a business /total sales in a market X100

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6
Q

market segmantation

A

breaking down a market into subgroups that share similar characterisitcs identifying and targeting of groups of people with similar needs and developing products or services for each of them

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7
Q

demand

A

the quantity of a goof or service consumers are willing and able to purchase at a given price

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8
Q

supply

A

thw quantity of goods or services producers are willing and able to supply at a given price

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9
Q

equilibrium price

A

in a free market demand and supply equal the equilibrium price. this is where the quantity demanded is equal to the quantity supplied

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10
Q

market research

A

the action or activity of gathering information about consumers’ needs and preferences, competition, size of market etc

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11
Q

primary research

A

Gathers first hand information directly relevant to the needs of the business

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12
Q

secondary research

A

Involves the use of previously collected information not specifically gathered for the business but adapted for use

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13
Q

quantitative data

A

involves collection of data that can be measured, statistical data such as sales figures and market share

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14
Q

qualitative data

A

involves collection of data about attitudes, beleifs, intentions e.g., through focus groups participant observation and interviews

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15
Q

sampling

A

process of seclecting a group of respondants to a market research exercise who are selected to be representitve of the views of the target market as a whole

16
Q

random sampling

A

every member of the population has an equal chance of being interviewed

17
Q

quota sampling

A

the population is segmented into a number of groups that share specific characterisitcs

18
Q

Unlimited Liability

A

exposes business owners to the risk of losing personal assets to satisfy business debts often in sole traders

19
Q

limited liability

A

limited liability provides a level of protection by limiting their assets wont be sold if they cant afford to repay debts