Theme1 - Overall Key Terms Flashcards
Aims and objectives
A business aim is the overall target or goal of the business, whereas business objectives are the steps a business needs to take to meet its overall aims.
Contactless payments
A secure way for customers to purchase products or services using a debit, credit or smart card.
Government legislation
Laws made by the government.
Manufacturing
Industries that make things.
Market conditions
A set of variables that dictate how competitive a market is for businesses.
New market
A new country, area or target market that a business enters with the aim of selling or trading goods and services.
Productivity
The amount of work produced by a person in a given time.
Profits
The amount of money made after all expenses have been paid.
Revenue
Income earned by a business over a period of time from selling its goods or services.
Risk
An estimate of the probability of an unwanted outcome. It depends upon the chance of it happening and the consequences if it did happen.
Software
The programs, applications and data in a computer system. Any parts of a computer system that aren’t physical.
Survival
Where a business aims to keep operating.
Target market
A group of people or area of a market that a business aims to sell its products to.
Website
A web page or group of web pages hosted on one web server and viewed in a web browser, usually maintained by a person, group or organisation.
