Buisness revision Flashcards
(24 cards)
Buisness
An organization involved in industrial and commercial activities. Example Could be Mcdonalds
Input
The resources used in production of product/service. An example in mcdonald’s context could be the meat, buns, cheese e.t.c
Output
The product/service that was made with the input. An example in mcdonald’s scenerio would be there burgers, nuggets, icecreams e.t.c
Process
The steps taken while creating the output. an example in mcdonalds scenerio would be frying the onions and cooking the patty
Capital
The capital equipment used. An example in mcdonalds scenerio would be the ovens, ice cream machines e.t.c
Enterprise
Another word for buisness/company
Customers
Indivisuals who purchase the service/product from a company. An example in mcdonalds scenerio would be the burgers and ice creams.
Suppliers
These are the people who provide the inputs to a company. An example could be Keystone for mcdoanlds chicken and meat
Labour
The human effort which is put into the company in exchange for a salary. An example could be a janitor or chef in mcdonalds
Goods
The product that is offered to the consumers
Services
Actions provided for money in exchange such as a massage parlour or pest control
Unlimited liability
A company with one owner responsible for all the debts loans and payments with no shareholders. An example could be a sole trader
Limited liability
A company where a percentage of the company is owned by share holders which can help pay for expenses and production.
Continuty
A company which functions through multiple owners. An example could be a family owned restraunt passed to generation to generation
Entrepenuer
An indivisual who starts and runs a buisness using his creativity. they are resoposible taking on financial risks in hopes of profit and sucess
Buisness plan
A detailed document discussing company goals marketing strategies and more ideas to benefit the company
Aims
Long term goals that a company is determined to acheive
Objectives
Things that are planned to happen in the near future
Shareholders
People who own a percantage of a company from investments. These could be stock owners or direct inverstors from shark tank for example
Marketing mix
A companies influence to persuae consumers to purchase their good/service
Human resources
The department which is responsible for hiring and training the employees
Product
An item or service offered to the public
Price
The value given to a product/service
Promotion
Marketing activies to make sure the product/service reaches a target audience to gain more consumers
