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Definitions Flashcards

(83 cards)

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1
Q

Supplier

A

A business which sells or supplies products to another business

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2
Q

Customer

A

A person or organisation that buys a product

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3
Q

Consumer

A

A person or organisation that is the end user of a product

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4
Q

Customer needs

A

The needs and wants of a customer

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5
Q

Market research

A

The process of gathering information about customer needs, competitors and market trends

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6
Q

Primary research

A

The gathering of new information for market research

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7
Q

Questionnaire

A

A questionnaire contains a series of questions which gather primary marketing research for the business

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8
Q

Focus group

A

A group of people brought together to answer questions and discuss a product, brand or issue. Used in market research.

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9
Q

Secondary research

A

The process of gathering information that has already been collected for market research

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10
Q

Qualative data

A

Opinions, judgments and attitudes

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11
Q

Quantative data

A

Data that can be measured and expressed as numbers

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12
Q

Market segment

A

Part of a market that contains a group of buyers with similar buying habits, such as age or income

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13
Q

Market map

A

A diagram that shows a range of possible positions for two features of a product, such as low to high price and low to high quality

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14
Q

Gap in the market

A

When all business do not have a product that adequately meet customer needs

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15
Q

Brand

A

A named product which customers see as being different from other products and which they can associate or identify with

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16
Q

Added value

A

The increased worth that a business creates for a product. It is the difference between what a business pays it’s suppliers and the price it’s able to charge for the product/service

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17
Q

Unique selling point (USP)

A

A way of differentiating (being different) from other products

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18
Q

Franchise

A

The right given by one business to another to sell goods or services using its name

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19
Q

Franchisee

A

A business that agrees to manufacture, distribute or provide a branded product under licence by a franchisor

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20
Q

Franchisor

A

The business that gives franchisees the right to sell its product in return for a fixed sum of money or royalty payment

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21
Q

Bunisess location

A

Where a firm decides to site its operations

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22
Q

Entrepreneur

A

A person who owns and runs their own business and takes risks

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23
Q

Enterprise

A

A willingness by an individual or business to take risks, show initiative and undertake new ventures

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24
Q

Planning (enterprise skill)

A

Identifying a direction and plan action for the business

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25
Thinking ahead (enterprise skill)
Having the foresight to identify potential problems
26
Drive (enterprise skill)
Being hardworking and motivated to achieve success
27
Determination (enterprise skill)
Being resilient when things go wrong and not giving up
28
Seeing opportunities (enterprise skill)
Having creativity and imagination to do things differently
29
Risk
The chance of damage or loss occurring as a result of making a decision
30
Goods
Physical products that can be brought and sold
31
Services
Non-physical products that can be brought and sold (e.g. train tickets, hair cut)
32
Competitive advantage
An advantage a business has that enables it to perform better than its rivals
33
Creative thinking
Producing new and unique ideas
34
Lateral thinking
Thinking differently to try and find new and unexpected ideas
35
Blue sky thinking
A technique of creative thinking where participants are encouraged to think of as many ideas as possible about an issue or problem
36
Invention
The discovery of new processes and potential new products, typically after a period of research
37
Innovation
The process of transforming inventions into products that can be sold to consumers
38
Patent
The right of ownership of an invention or process when it is registered with the government
39
Copyright
Legal ownership of material such as books, music and films which prevents these being copied by others
40
Trademarks
The symbol, sign or feature of a product or business that cannot be copied by others
41
Calculated risk
The known probability of a negative event occurring
42
Mindmap
A diagram that is used to record words and ideas connected to a central word or idea
43
Financial objectives
Targets expressed in money terms such as making a profit, earning income or building wealth
44
Average selling price
How much on average each product will sell for
45
SMART targets
Specific, measurable, achievable, realistic and time specific targets
46
Sales volume
The number of items or products or services sold by a business over a period of time
47
Initiative
Making the first move and making things happen
48
Taking risks
Making decisions that have a chance of going wrong
49
Making decisions
To be in charge of making a good judgement
50
Planning
Planning is essential to any successful business. Clear objectives have to be set for the long term and how these objectives will be met in the future.
51
Persuasion
To be able to convince a customer they should buy the product/service, or it could also mean negotiating with a supplier to lower their prices
52
Showing leadership
Entrepreneurs should have a vision of where the business is heading, be good at planning and have self-confidence
53
Revenue
The amount of income received from selling goods or services over a period of time
54
Fixed costs
Costs which do not vary with the output produced such as rent, business rates, advertising costs, administration costs and salaries
55
Total costs
All the costs of a business. It is equal to fixed costs plus variable costs
56
Variable costs
Costs which change directly with the number of products made by a business such as the costs of buying raw materials
57
Profit
Occurs when the revenues of a business are greater than its costs over a period of time. profit can be calculated by doing revenue minus costs
58
Loss
Occurs when the revenues of a business are less than the costs over a period of time
59
Cash
Notes, coins and money in the bank
60
Cash flow
The flow of cash in and out of the business
61
Cash inflow
The cash flowing into a business
62
Cash outflow
The cash flowing out of a business. Often the bills that a business pays
63
Net cash flow
The flow of a business minus its outflow
64
Insolvency
When a business can no longer pay its debts
65
Cash flow forecast
A prediction of how cash will flow through a business in a period of time in future
66
Opening balance
The amount of money in a business at the start of the month
67
Closing balance
The amount of money in a business at the end of the month
68
Cumulative cash flow
The sum of cash that flows into a business over time
69
Trade credit
Allows someone to purchase goods now and pay later
70
Stocks
Materials that a business holds. Some could be materials waiting to be used in the production process; some could be finished stock waiting to be delivered to customers
71
Business plan
A plan for the development of a business giving forecasts of items such as sales, costs and cash flow
72
Long term finance
Sources of money for businesses that are borrowed or invested typically for more than a year
73
Short term finance
Sources of money for businesses that may have to be repaid immediately or fairly quickly, such as an overdraft, usually within a year
74
Personal savings
Money that has been saved up by the owners of a business
75
Share capital
The sale of shares to raise money for the business
76
Shareholders
The owners of a company
77
Venture capital
Finance that is provided to small or medium sized firms that seek growth but may be considered as risky by typical share buyers or other lenders
78
Bank loan
A sum of money borrowed from the bank, repaid in instalments with interest (either fixed or variable)
79
Dividend
A share of the profits of a company received by shareholders who own shares
80
Retained profit
Profits that are not distributed to the owners of the business which can be reinvested into the business
81
Leasing
Renting equipment or premises
82
Overdraft
A facility that allows someone to take out more than is in their account up to an agreed limit
83
Factoring
Where another party pays you your invoices up front and then chases them up when they become due

Business (3 decks)

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