Business

Description

GCSE Biology Flashcards on Business , created by Sophie Weldon on 10/05/2016.
Sophie  Weldon
Flashcards by Sophie Weldon, updated more than 1 year ago
Sophie  Weldon
Created by Sophie Weldon over 8 years ago
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Resource summary

Question Answer
Business Unit 1 By Sophie
Primary research Collecting data that did not exist before. E.g collecting data
Secondary research Collecting data that already exists E.g internet research
Pros of primary research More accurate Up to date Specific to needs Effective at collecting qualitative data Direct customer contact
Pros of secondary research More general Less time-consuming Effective at collecting quantitative data
Quantitative data Data that is in numerical form.
Qualitative data Data that is opinions and views.
Market research Researching the market.
Market segment A group of buyers with similar characteristics and buying habits. E.g gender, age
Market segmentation This allows a business to: Meet specific customer needs Differentiate their products Develop a unique brand image Target marking activity
Market mapping A diagram can be used to position and compare products in a market, and identify opportunities where customer needs are not being met.
Gap in the market Where there is a demand for a good or service that is not currently being met by any businesses.
Added value It is the difference between what a business pays its supplier and the price that it is able to change for the product.
Give examples of way to add value Improve quality Better design Branding More convenience USP
Importance of added value The higher the added value of a product, the soon costs can be paired off and the quicker a business will make profit.
Unique selling point (USP) Another way to add value to a product.
Franchise The right given by one business to other businesses to sell goods or services using its name.
Franchisor the business that gives franchisees the right to sell its product or service.
Franchisee A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
Benefits of starting a franchise? An established brand name Training Equipment Ongoing support Advertising and promotion
Drawbacks of a franchise Start-up cost can be expensive Royalty payment Complicated application process Lack of autonomy and control Limited flexibility to make your own decisions
Entrepreneur A person who owns and runs their own business and takes risks.
Enterprise The initial idea for a business and the willingness by an individual to show initiative.
Enterprises Another word used for businesses
What are enterprise skills Risk-taking Showing initiative Willingness to undertake a new venture
Blue sky thinking Coming up with as many ideas as possible to solve a problem.
Lateral thinking Involves thinking differently to try to find new and unexpected ideas.
Patent Right of ownership of an invention, design or process when it is registered with the government.
Copyright Legal ownership of material such as books, music and films which prevent these being copied by others.
Trademark The logo, sign or other feature of a product or businesses that cannot be copied by others.
Calculated risk Putting a numerical value or probability on a risk and the likely hood of it coming true.
Revenue / Turnover Is the amount of income received from selling goods or services over a period of time. Total revenue = Price + Quantity
Fixed cost Costs that do not vary with the output produced by a business e.g salaries
Variable cost Cost that change directly with the number of products made. Eg. raw materials. Variable cost = Cost of one unit x Quantity produce
Profit When revenues of a business are greater than its total cost.
Loss If a business's cost are greater than its revenues then it will make a loss.
Cash flow Is the money flowing into and out of a business on a day-to-day basis.
Cash-Flow Forecast It predicts how the cash will flow through a business over time.
Cash-Flow problem When the business does not have enough money flowing into the business to pay its day-to-day bills.
Net cash flow The receipts of a business minus its payment, either positive or negative.
Insolvent Without sufficient cash within the business.
Business plan Is a plan for the development of the business, giving forecast of items such as sales, cost and cash flow.
Shares Is part ownership in a business
Liability The legal responsibility of a business towards its debts
Unlimited liability The owner is legally responsible for any debts. They close lose his or hers personal belongings.
Limited Libility The owners and the business are separate legal entities. They can only lose the amount that they have invested.
Interest Rate Is the percentage reward or payment over a period of time that is given to savers or paid by borrowers on loans
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