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Business Management > Unit 1 Exam revision - glossary terms > Flashcards

Unit 1 Exam revision - glossary terms Flashcards

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1
Q

Define market research

A

The process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry, such as the strengths and weakness of competitors, and how many customers are in a market.

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2
Q

Define business mentor

A

An experienced and knowledgeable business person, who provides guidance and advice.

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3
Q

Define Special Interest Groups

A

Organisations or a group of people that seek to influence laws, policies, or behaviours to benefit a specific cause.

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4
Q

Define market need

A

A gap in the market represented by customer needs that are currently unmet or underrepresented by competitors in the same industry.

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5
Q

Define business goal

A

What a business wants to achieve within a specific time frame.

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6
Q

Define unions

A

Organisations composed of individuals who represent and speak on behalf of employees in a particular industry to protect and improve wages and working conditions.

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7
Q

Define decision-making

A

The skill of selecting a suitable course of action from a range of plausible alternatives.

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8
Q

Define values and beliefs

A

The principles, standards and assumptions upheld by individuals or groups of people, which influence how they make decisions, for example, there is now a belief that businesses should have a positive impact on the community and the environment.

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9
Q

Define technological developments

A

The invention and innovation of tools that solve problems and enhance processes.

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10
Q

Define environmental lobby groups

A

Organisations that advocate for the protection of the environment and promote environmental issues to businesses, the government and the public.

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11
Q

Define capital resources

A

Man-made goods used in the production of goods and services.

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12
Q

Define legal and government regulations

A

Laws and rules made by parliaments and governments, as well as decisions made by the courts.

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13
Q

Define business plan

A

A document that outlines a business’s goals and objectives, as well as strategies to achieve them.

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14
Q

Define franchise

A

A business model that grants another person the right to operate under its name, use its business systems, and sells its good and services.

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15
Q

Define direct-to-customer business

A

A business model where the business’s products are sold directly to consumers with no intermediaries involved.

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16
Q

Define labour resources

A

The people who provide the business with their skills and qualifications to conduct business actitivites.

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17
Q

Define Private Limited Company

A

An incorporated business structure that has at least one director and a maximum of 50 shareholders.

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18
Q

Define Corporate Social Responsibility

A

The ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.

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19
Q

Define global markets

A

The area in which businesses trade goods and services, comprised of both businesses and customers from all across the world.

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20
Q

Define innovation

A

The process of providing new solutions to existing problems by creating and implementing new ideas or significantly improving upon an existing good, service, or way of doing something.

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21
Q

Define formal networks

A

Interconnected groups of people and official organisations that assist in offering professional support to business owners.

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22
Q

Define interest rates

A

The amount paid for money that has been borrowed, expressed as a percentage.

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23
Q

Define SWOT analysis

A

A planning analysis tool that helps a business identify its internal and external strengths and weaknesses, as well as any external opportunities and threats.

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24
Q

Define business associations

A

Organisations that advise and support businesses in a particular industry.

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25
Define entrepreneurship
The process of establishing a new business to satisfy a need in the market, whilst taking on the associated risks.
26
Define exporter
Produces goods and services in its home country and sells them to overseas buyers.
27
Define overseas markets
Any means by which the exchange of goods and services takes place outside of a business's own country of operation.
28
Define council grant
A one-off financial payment from local council to a business, which does not need to be repaid, that aims to support business ideas development.
29
Define societal behaviour
The way people act and respond in various situations.
30
Define technological developments
The invention and innovation of tools that solve problems and enhance processes.
31
Define customer expectations
The values or benefits that customers seek when purchasing a good or service from a business.
32
Define overdraft facilities
Agreements between banks and businesses, or individuals, that allow a bank account to be withdrawn below zero.
33
Define initial feasibility study
A researched evaluation of how viable a business concept is.
34
Define overseas competitors
Businesses that are located in other countries that operate in the same industry and offer a similar good or service.
35
Define market need
A gap in the market represented by customer needs that are currently unmet or underrepresented by competitors in the same industry.
36
Define business support services
The specialised people, facilities, or amenities that aim to help businesses operate successfully.
37
Define macro factors
Social, legal, technological, global and economic conditions that a business operates in and has no control over.
38
Define internal environment
Involves factors within a business that a business has control over because decisions about internal factors are determined by the people within the business.
39
Define informal networks
Unofficial interconnected groups.
40
Define Government Business Enterprise
A business that is owned and operated by the government.
41
Define importer
Purchases goods and services from overseas and sells them in its home country.
42
Define offshoring of labour
A business moving its services or processes to another country.
43
Define research and development
Involves directing resources, such as money, towards discovering, creating, and introducing new products and processes.
44
Define societal attitudes
The collective values, beliefs and opinions held by a group of people, for example, that employees should be provided with work-life balance.
45
Define start-up hubs
Physical spaces that individuals and businesses can utilise in order to have office facilities to work in, or to obtain support regarding business matters.
46
Define debt capital
Money that has been lent to a business by an external source that must be paid back over time with interest.
47
Define financial goal
Targets for improving the overall monetary performance of a business.
48
Define consumer confidence
A measure of customers' feelings and expectations about current and future economic conditions.
49
Define external environment
Involves the surrounding factors that can impact a business that it has no control over, categorised as macro factors, or operating factors.
50
Define social trend
A general development in the way a group of people in society behave, for example, an increased reliance on advanced technology.
51
Define Public Listed Company
An incorporated business that has an unlimited number of shareholders and lists and sells its shares fo the Australian Securities Exchange.
52
Define employment level
The percentage of the labour force who are working in paid employment.
53
Define economic wellbeing
Reflected by the level of income, consumption, and wealth people or households have to support their material living standards.
54
Define social need
An area of society, or the environment that needs to be improved.
55
Define exchange rates
The relative prices at which the currency of one country can be exchanged for the currency of another country.
56
Define business location
The physical or non-physical place that a business operates from.
57
Define patent
A licence that provides a business with exclusive rights to use innovative devices, substances, methods and processes.
58
Define financial independence
The ability to fund a desired lifestyle without relying on an income from another individual.
59
Define business concept development
One of the first steps when starting a new business and includes stages such as the development of an initial idea, market research and writing up a business plan.
60
Define social enterprise
A type of business that aims to fulfil a community or environmental need by selling goods and services.
61
Define equity captial
Money contributed to a business by an investor in exchange for partial ownership.
62
Define market opportunity
A need or want that is not currently being met by any business.
63
Define online business
A business model where goods and services are traded via the internet.
64
Define trademark
An exclusive right granted over a unique aspect of a business, such as a symbol, word, sound, or number, that is used to distinguish the business, or its products.
65
Define social wellbeing
A measure of the quality of life individuals have, reflected by their non-material living standards including general happiness, crime rates, environmental quality, education, and accessibility of healthcare.
66
Define copyright
Free and automatic protection used on original ideas such as writing, art, sound, films and photographs.
67
Define operating factors
The primary external factors impacting a business that it has some control over.
68
Define tax rates
The percentage of income or spending that is required to be paid to the government by individuals or businesses.
69
Define natural resources
Raw materials from the environment that are used in the production of goods and services.
70
Define sole trader
A business structure that is owned and operated by one individual.
71
Define partnership
A business structure that is owned by two to twenty owners.
72
Define customer needs
The essential requirements consumers intend to fulfil with the purchase of a good or service from a business.
73
Define profit
Generating more revenue then expenses incurred.
74
Define competitor
A business that operates in the same or similar industry and offers a similar good or service.
75
76
Define entrepreneur
An individual who starts up a business whilst taking on the risks associated to satisfy a market need
77
Define grant
Money provided by a government, or another organisation for a particular reason.
78
Define suppliers
Individuals or businesses that provide the resources required to produce goods and services.
79
Define manager
An individual who has the responsibility of overseeing and handling employees whilst also running day-to-day business tasks in order to achieve objectives.
80
Define social goal
Targets set by a business that aim to improve the welfare of the community, environment, or its employees.
81
Define personal independence
Involves a person being in control of their actions and decisions.
82
Define business model
A plan that identifies how the business will operate to make a profit.
83
Define online sales
Buying and selling goods and services using the internet.
84
Define supply chain
The network of individuals or businesses that are involved in producing and distributing a final good and service to customers.
85
Define business planning
The process of establishing a business's goals and developing strategies to achieve them.
86
Define economic conditions
Conditions that exist in relation to the productive performance and financial stability of a nation, or other geographical area and include factors such as interest rates and consumer confidence.
87
Define resources
The items required by a business to produce its goods and services.

Business Management (8 decks)

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