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GCSE Business Studies Unit 1

Helen Rennie Inglés 64 fichas

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  1. 1Primary Research (Field)collecting information that did not exist before. This is first-hand contact with customers/suppliers etc.
  2. 2Secondary Research (Desk)is the process of gathering secondary data, which is information that already exists.
  3. 3Qualitative datainformation about opinions, judgments and attitudes. Is is not as easily analysed.
  4. 4Quantitativedata that can be expressed as numbers and can easily be statistically analysed.
  5. 5Market SegmentsA group of buyers with similar characteristics and buying habits. e.g Age and gender.
  6. 6Market MapThis is a diagram that allows a business to position and compare products in a market, and identify opportunities where customers needs are not being met.
  7. 7'Gap in the Market'Where customer needs are not being met
  8. 8brandA brand is a named product that customers see as being different from other products, and that they can associate or identify with.
  9. 9USPUnique selling point (this adds value to a product/service)
  10. 10DifferentiateMaking a product or service different in some way from their competition to stand out and reach customers.
  11. 11added valueincreasing the worth that a business creates for a product (the difference between what the business pays a supplier and the price they sell it at).
  12. 12Franchisethe right given by one business to other businesses to sell goods or services using its name.
  13. 13FranchisorThe business that gives franchisees the right to sell its products of service.
  14. 14Franchiseea business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
  15. 15EntrepreneurA person who owns and runs their own business and takes risks.
  16. 16deliberate creativitythe intentional creation of new ideas through recognised and accepted techniques i.e. creating a list or mind mapping.
  17. 17Blue skies thinkingcoming up with as many ideas as possible to solve a problem.
  18. 18Lateral thinkingthinking differently to try and find new and unexpected ideas (outside the box). e.g. De Bonos 6 thinking hats
  19. 19Patentsright of ownership of an invention, design or process when it is registered with the government.
  20. 20Copyrightlegal ownership of material such as books, music and films which prevent these being copied by others.
  21. 21trademarksthe logo, symbol, sign or other features of a product or business that cannot be copied by others.
  22. 22Calculated riskputting a numerical value or probability on a risk and the likelihood of it coming true.
  23. 23Name 4 qualities of an entrepreneurplanning, initiative, taking risks, determination, making decisions, persuasion, leadership, luck
  24. 24Sales Revenue (turnover)the amount of income received from selling goods or services
    PRICE X QUANTITY = TOTAL REVENUE
  25. 25FIXED COSTSdo not vary with the output produced by the business
  26. 26VARIABLE COSTSchange directly with the number of products made
  27. 27TOTAL COSTSFIXED COSTS + VARIABLE COSTS =
  28. 28PROFIT/ LOSSTOTAL REVENUE - TOTAL COSTS
  29. 29PROFITwhen revenue is greater than a businesses total costs.
  30. 30Losswhen a businesses costs are greater than its total revenue
  31. 31Cash flow forecasta document showing the predicted flow of cash coming into and out of a business over a period of time.
  32. 32Inflows or Receiptsmoney coming into the business e.g. loan, personal savings and sales
  33. 33Outflows or paymentsmoney flowing out of the businesses e.g wages, raw materials, interest or bills.
  34. 34Net Cash FlowRECEIPTS - PAYMENTS
    or
    TOTAL INFLOWS - TOTAL OUTFLOWS
  35. 35OPENING BALANCEthe amount of money in a business at the start of the month.
  36. 36CLOSING BALANCEthe amount of money in a business at the end of the month
    NET CASH FLOW + OPENING BALANCE
  37. 37CUMULATIVE CASH FLOWthe sum of money that flows into a business over time.
  38. 38Insolventwithout sufficient funds or cash within the business
  39. 39Business Plana plan for the development of a business, giving forecasts of items such as sales, costs and cash flow.
  40. 40source of financea means for a business to get capital to start up a business (long or short!)
  41. 41ShareholderA person who owns a percentage of a business. they are entitled to share the profits.
  42. 42collateral (security)when borrowing money, the lender will be given some collateral against the loan. i.e property or interest.
  43. 433 steps to be customer focused are...1) identify needs
    2) anticipate needs
    3) meet customer needs
  44. 44The marketing mixto ensure successful marketing a business must get the right mix of the following things : PRICE, PRODUCT, PLACE, PROMOTION
  45. 45LIMITED LIABILITYthe owner and the business are separate legal entities (Ltd and PLC)
  46. 46UNLIMITED LIABILTYthe owner is legally responsible for any debts of the business. (soletrader)
  47. 474 main differences between sole traders and Ltds1) RISK
    2) CONTROL
    3) PROFITS
    4)PRIVACY
  48. 48CORPORATION TAXa tax paid by limited companies on profits of the company.
  49. 49INCOME TAXa tax on the income earned by workers and sole traders
  50. 50VATvalue added tax on the value of sales of a business. Businesses that sell more than a certain amount will register to pay VAT
  51. 51National Insurance Contributionsa tax on earnings of workers and sole traders linked to state benefits.
  52. 52repeat purchasewhen customers keep returning back to a business to buy a product or service.
  53. 53product triala customer tries a product or service for the first time and if they like it this could lead to repeat purchase.
  54. 54customer loyaltya customer would continue to repeat purchase your brand or product over competition.
  55. 55SUPPLYthe amount that sellers are willing and able to sell at any given price
  56. 56DEMANDthe amount that buyers are willing and able to purchase at a given price.
  57. 57A MarketA place where buyers and sellers meet to exchange products and services
  58. 58COMMODITY MARKETSmarkets for raw materials, such as oil, steel and wheat, used for the production of other goods.
  59. 59Goods Markets(normal markets) markets for everyday products, such as clothes and food.
  60. 60CostsThe money going out of a business. It is what a business has to pay for e.g raw materials, bills, labour.
  61. 61Pricethis is the amount of money or value of money that a businesses places on a product or service they sell. e.g. a hair cut is priced at £20
  62. 62EXCHANGE RATESis the price of buying foreign currency.
  63. 63The business cyclethe fluctuations in the level of economic activity over time.
  64. 64Stakeholdersan individual or group of individuals that has an interest and is affected by the activities of a business.

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Fichas sobre GCSE Business Studies Unit 1, creado por Helen Rennie el 16/03/2015.
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Helen Rennie
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