definitions

Question 1

what is a buisness is

Answer 1

a legally reconised organiastion designed to produce goods and servises for a buisness

Question 2

consumer goods is

Answer 2

goods provided for customers they may be single use like food or durables lile tvs and fridges

Question 3

producer goods is

Answer 3

buisness to buisness goods that allow one buidness to help another buisness produce (machinery )

Question 4

factors of production is

Answer 4

that it goes into making goods like labor land capital entraprise

Question 5

oppotunity cost is

Answer 5

the cost od alternative that has be given up when choices had been made

Question 6

niche market is

Answer 6

a small part of the market that an organisation is aiming its products at

Question 7

entrepreneur is

Answer 7

as someone who has the ability to take risks and organise the factors of production

Question 8

copyright and patent is

Answer 8

makes it illegal for another firm to directly copy and invetion or idea

Question 9

social enterprice is

Answer 9

is a buisness primarily social objective whose surplusea are pricipally reinvested for that purpose in tye buisness or in the comunity

Question 10

buisness aim is

Answer 10

is the goals of where a buisness wants to go in the future

Question 11

bisness objectibe is a

Answer 11

a stated measurable target of how the buisness is going to achieve the buisness aims

Question 12

stakeholders

Answer 12

is an individual or organisation that is effected by the buisness

Question 13

buisness plan

Answer 13

a plan to set out how a buisness is going to set out to achieve its aims and objectives

Question 14

sole trader

Answer 14

is abuisness that is owned by one person who may or may not enploy employees

Question 15

partnership

Answer 15

a partnership is a buisness that is owned by 2 or more people

Question 16

privit limitde companys (LTD)

Answer 16

is a buisness that is owned by its shareholders

Question 17

limited liability

Answer 17

where the investers are only resposnble for that money they have invested and no more

Question 18

franchise

Answer 18

is where a buisness sells a sole proprietors the rights to set up a buisness under there name

Question 19

buisness location

Answer 19

every buisness has to have a location

Question 20

market research

Answer 20

finding out about product and its market

Question 21

secondery reasearch

Answer 21

research that already exists and is avalible also known as desk knolage

Question 22

field research

Answer 22

data colected for a specific purpose at the time of requirement

Question 23

questionnairre

Answer 23

a quantitative methord of seeking opinions on products and servises

Question 24

focouse group

Answer 24

a small group of people selected to provide thier opinions on a product or

Question 25

marketing mix

Answer 25

often refered to the 4p's

Question 26

price

Answer 26

how much a customer will pay for it

Question 27

place

Answer 27

how the product will be distributed to the customer

Question 28

product

Answer 28

the product the customer will obtain

Question 29

promotion

Answer 29

how the customer will be infulence to buy the product

Question 30

premiun price

Answer 30

setting the high price to provied a specic brand man

Question 31

penetratetion price

Answer 31

pricing stratagey when pricing is set lower than competitors prices are entered at o new market

Question 32

price skimming and creaming

Answer 32

setting a high price for new products to help recover develpoed codts

Question 33

place

Answer 33

the distribution channal of methord of getting the product to customers

Question 34

aida

Answer 34

awareness, intrest , desire ,action

Question 35

ecommerce

Answer 35

is the use of the internet to email or buy on the internet

Question 36

internal finance

Answer 36

finance generated from inside the buisness

Question 37

owners funds /capital

Answer 37

finance provided by the owners no intrest but it could be lost if the buisness goes into bankruptsy

Question 38

external finance

Answer 38

finance from an outside sourse

Question 39

overdraft

Answer 39

a means of taking money from a bank account than is in the account usally with intrest charged

Question 40

bank loan

Answer 40

a source of finance provide by the bank intrest has to be payed and a buisness plan may be needed

Question 41

morgage

Answer 41

a long term source of finance usally to scure a propity it can be for 25-30 years

Question 42

govermant grants

Answer 42

money given to a firm to help it to operat and expand dosnt have to be paied back

Question 43

retained profits

Answer 43

profits generated by the buisness for reinvestment into the buisness

Question 44

factoring

Answer 44

selling debt to a third party who will collect the debt

Question 45

buisness angels

Answer 45

a person who will invest in a new buisness no equity will be required

Question 46

venture capital

Answer 46

finance provided by a large buisness however may want some say in desision making