Flashcards
Business Studies
Cards in this deck (47)
- 1Added valuethe difference bewteen what the business pays it's suppliers and the price that it is avaliable to charge for the product/service, the increased worth that a business created for a product
- 2Blue skies thinkinga techniques of creative thinking where participunts are encouraged to think of as many ideas or a problem
- 3boston matrixa model which analyses a product protfolio according to the growth rate of the whole maket of a product within that market; a product is placed in one of four categories - star, cash cows, problem child or dog.
- 4branda named product which customers see as being different from other products and which they can associate or identify with.
- 5brand imagethe idea/impression/vision that customers have in their minds about the brand.
- 6calculated riskthe probability of a negative event occuring.
- 7companiesbusiness whose shareholders have limited liability.
- 8competivite advantageAn advantage that a business has that enables it to perform better than it's rivals in the market and which is both distinctive and defeensible.
- 9consumerThe person who ultimatley uses (or consumes) a product.
- 10copyrightlegal ownership of material such as books, music, films which prevents these being copied by others.
- 11coroporation taxa tax on the profits of limited companies.
- 12creative thinkingcoming up with new and unique ideas
- 13customerAny person or organisation which buys or is supplied with a product by a business
- 14customer loyaltythe willingness of uyers to make repeated purchases of a product or a form a business.
- 15customer needsThe wants and desires of buyers of a product or the customers of a business
- 16deliberate creativitythe intentional creation of new ideas through recongnised and accepted technique
- 17downsidesthe disadvantages of a course of action, including what can go wrong.
- 18drivenkeen and motivated
- 19enterprizeA wilingmess by an individual or a business to take risks, show initiative and undertake new ventures.
- 20entrepeeneura person who runs and owns their own business and takes risks.
- 21extension strateguya method used to increase the life of a product and prevent it falling into decline.
- 22financial objectivesaims expressed in money terms such as making a profit, earning income or building wealth.
- 23focus groupIn market research, a group of people brought together to answer questions abd discuss a product, band or issue.
- 24franchisethe right given by one business to another to sell goods or services using it's name.
- 25franchiseea business that agrees to manacture, distribute or provide a branded product under license by a franchisor
- 26franchisorthe business that gives franchisees the right to sell it's product, in return for a fixed sum of money or a royalty product
- 27gap in the marketan orignial idea which fills a gap in the market
- 28goodssomething you can touch
- 29HM revenue & customsthe government authorites in the uk responsible for collecting tax.
- 30income taxa tax on the value of income earned by workers; this inlcudes sole traders who have to pay income tax on their net earnings.
- 31innovationthe process of transforming invetions into products that can be sold to customers.
- 32inventionthe discovery of new processesses and potential new products typically after a period of research.
- 33lateral thinkingthinking diffrently to try and find new and unexpected ideas.
- 34limited liabilitywhen shareholders of a company are not personally liable for the debts of the company ; the most they can loose is the value of their investment in the shares of the company.
- 35Market mapa diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality. Also called precerptual map or positioning map
- 36marketswhere buyers and sellers meet to exchange goods and services.
- 37marketingthe management process that is responsible for anticipating , identifying and satisfying customer needs profitably.
- 38marketing mixthe combination of factors which help the business to take into account customer needs when selling a product also known as the 4p's price, product, place and promotion.
- 39market researchYou need to find out customers wants and needs through primary and secoundary research.
- 40market segmentpart of a market that contains a group of buyers with similar buying habits, such as age or income.
- 41mind mapa diagram that shows new ideas or anything you want it too,
- 42national insurance contributionsa tax on the earning of workers which are paid by the employers on the wages of their workers; employees and sole traders have to pay national insurance contributions on their earnings.
- 43non-financial objectivesgoals for a business which aren't related to money but to personal satisfaction
- 44patentright of ownership of an invention or process when it is registerd with the government.
- 45sole traderthe only owner of a business which has unlimited liability.
- 46unlimited liabilitya legal obligation on the owner of a business to settle (pay of) debts of the business. In law, there is no distinction between what the business owes and owns and what the business owner owes and owns.
- 47value added taxa tax on the value of sales; it is paid by business to government.