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definitions paper 1 Flashcards

1
Q

define Adapting existing products

A

Finding new products based on the original one

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2
Q

define aims

A

An overall or long-term target for an individual or a business

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3
Q

define Aims/Objectives

A

A clear, measurable goal, so success or failure is clear to see.

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4
Q

define asset

A

Any item of value that a business owns, such as its machinery or premises.

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5
Q

define branding

A

The process of creating a distinct identity for a product or business which highlights how it is different from competing products or businesses, through using a logo, name or creating a personality.

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6
Q

define Break-even level of output

A

The point where revenue received meets all of the costs of a business.

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7
Q

define business decisions

A

Choices that have to be made by a business, usually within a short time period.

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8
Q

define business failure (insolvency)

A

The collapse of a business, probably leading to its closure.

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9
Q

define business plan

A

A detailed document setting out the marketing and financial thinking behind a proposed new business.

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10
Q

define cash flow forecast

A

Estimating the cash inflows and outflows of a business over a future time period.

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11
Q

define cash flow

A

The money coming into and going out of a business within a period of time.

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12
Q

define competition

A

The rivalry that exists between businesses selling products.

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13
Q

define competitive advantage

A

A feature of a business that helps it to succeed against competitors

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14
Q

define competitive environment

A

The strength of competition between companies in the same market.

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15
Q

define consumer

A

The person who ultimately uses (or consumes) a product.

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16
Q

define consumer income

A

The amount households have available to spend after income taxes have been deducted

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17
Q

define consumer law

A

Acts of Parliament that are intended to protect customers from misleading or dangerous practices by companies.

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18
Q

define consumer rights

A

Laws that empower the consumer to demand certain minimum standards from every business supplier.

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19
Q

define convenience

A

The ability of a product to fit in with a customer’s lifestyle or routine.

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20
Q

define crowd funding

A

Raising capital online from many small investors (but not through the stock market).

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21
Q

define consumer needs

A

What customers require when they purchase a product. There are four main customer needs: price, quality, choice and convenience

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22
Q

define data

A

Information, particularly statistics, that can be collected and analysed.

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23
Q

define demographics

A

The characteristics of a population, such as age, gender, race, nationality, disability, and occupation.

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24
Q

define digital communication

A

Messages or conversations conducted via email, text, or social media.

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25
define discrimination
When someone is treated differently to someone else because of a particular characteristic, such as a disability, their ethnicity, or their sex.
26
define dynamic nature of businesses
The idea that business is ever-changing because external factors, such as technology, are always changing.
27
define ecommerce
Using the internet to carry out business transactions.
28
define economic climate
Like the weather, the economy can run cold or hot, the economic climate is a measurement of the level of economic activity within a country, which might be promising or worrying.
29
define economy
The system by which money is produced.
30
define enterprise
Entrepreneurial activity (can also mean a business or company).
31
define entrepreneur
A person who sets up a business and takes on financial risks in the hope of profit.
32
define ethics
Moral principles or standards that guide the behaviour of a person or business.
33
define exchange rate
The value of one currency expressed in terms of another.
34
define exports
Goods and services that are sold to other countries.
35
define fixed costs
Costs that do not change when output changes.
36
define focus group
A group discussion among people selected from the target market; it draws on psychology to provide qualitative insights into consumer attitudes.
37
define franchise
The right given by one business to another to sell goods or services using its name.
38
define franchising
Paying a franchise owner for the right to use an established business name, branding, and business methods.
39
define globalisation
The process of businesses increasingly operating on an international scale, buying, and selling in different countries to exploit lower costs and identify new markets.
40
define goods
Any physical product a consumer can buy (natural or manufactured).
41
define government taxations
Charges placed by the government on goods, imported goods, and the incomes of individuals and companies.
42
define gross profit
The amount of profit that a business makes before the cost of sales are deducted.
43
define independence
The need by many business owners to make their own decisions and be their own boss.
44
define inflation
An increase in the general level of prices in an economy over time.
45
define innovation
The act of creating new products or processes
46
define insolvency
When a business lacks the cash to pay its debts when they fall due.
47
define interest
The charge made by banks for the cash they have lent to a business or individual, as a fixed cost
48
define interest rate
The annual cost of borrowing money from a bank and the annual return of saving money with a bank.
49
define labour
Workers or the workforce.
50
define legislation
Laws passed by Acts of Parliament which must be adhered to by businesses and individuals
51
define limited liability
Where shareholders of the business can only lose the amount they originally invested in the company because the owners and the company are treated as legally separate.
52
define loans
A fixed sum of money lent by a bank to an individual or a business for a specific purpose, which must be repaid with interest in set payments over an agreed period of time.
53
define margin of safety
The difference between the planned level of output and the break-even level of output
54
define market map
Measuring where existing brands sit on a two-factor grid, for example young/old compared with high price/low price.
55
define market research
The process of gathering information about the market and customers' needs and wants in order to help inform business decisions, including product design and marketing.
56
define market segment
A part of a market where consumers share similar characteristics such as; age, gender, geographical location, occupation.
57
define market segmentation
The dividing up of a market to meet the needs of consumers with similar preferences
58
define market share
The percentage of a market held by one company or brand.
59
define net cash flow
The difference between cash inflows and cash outflows, in a period of time.
60
define obsolete
A good or service which has become out of date
61
define opening balance
The closing balance at the end of the previous time period.
62
define original ideas
Ideas that have not been done before.
63
define overdraft
The ability for a business to go into a negative balance on their current account.
64
define partnership
A business which is owned by more than one person which has unlimited liability.
65
define payment systems
Different ways of paying for goods and services digitally/electronically.
66
define place
The method by which the business distributes the good or service to the consumer, it includes selling products to retailers and getting the products displayed in prominent positions.
67
define pressure groups
An organisation that tries to influence the decision making of a business or government.
68
define price
The amount a business charges consumers for a good or service.
69
define primary research
Research conducted first hand, it is tailored to a company's specific needs.
70
define a private limited company
A business that has limited liability whose shares are not traded on the stock exchange
71
define product
A good or service sold to consumers.
72
define product differentiation
Where a product has unique features that makes it stand out from other similar products in the market.
73
define profit
The difference between revenue and total costs. If the figure is negative, the business is making a loss.
74
define promotion
Methods used to encourage potential consumers to purchase a good or service from a business.
75
define public limited company
A business that has limited liability whose shares are traded on the stock exchange.
76
define qualitative data
Research that involves collecting opinions from potential consumers.
77
define quantitative data
Research that involves collecting numerical information.
78
define resources
The factors of production such as labour that are required to successfully run a business.
79
define retained profit
The profit made by a business that is not paid to shareholders and is used as an internal source of finance.
80
define revenue
The income that a business receives from its sales (selling price multiplied by quantity of goods sold)
81
define sales revenue
The amount of money that comes in from a business's sales.
82
define risk and reward
The balance between potential profit in the future and the initial costs of setting up an enterprise.
83
define secondary research
Research that a company does not collect for a specific purpose itself and can be found in places such as the internet.
84
define services
Providing useful ways to help people live their lives, for example shops, restaurants, and hospitals
85
define share capital
The raising of capital by selling new shares in a company.
86
define shareholders
Investors who are part-owners of a company.
87
define social media
Any form of electronic communication that allows users to share content.
88
define social objective
Business goals that are non-financial and designed to meet a social/community need.
89
define sole trader
A business owned by one person which has unlimited liability.
90
define stakeholder
Anyone who has an interest in the activities of a business, such as its workers, its suppliers, its directors, the local community, and the government.
91
define start up
A new business, usually with only a small number of employees.
92
define target market
A particular group of consumers at which a business aims its products and services.
93
define total costs
All the costs of a business, found by adding fixed and variable costs. (Fixed plus variable costs for a time period)
94
define trade credit
Where a business buys raw materials from its suppliers, but pays in cash at a later date.
95
define unemployment
When someone of working age wants a job but cannot get one.
96
define USP
Something that makes a product stand out from its competitors
97
define unlimited liability
A situation where the business and the owner are treated legally as one and the same. Thus, any debts incurred by the business have to be settled by the owner(s).
98
define value added
The difference between the selling price of the product and the cost of the factor inputs.
99
define variable costs
Costs that change when output changes.
100
define venture capital
Investment of cash from individual or groups of individuals into a private limited company.

GCSE Business Studies (5 decks)

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