Key Terms- Business

Mind Map by , created over 5 years ago

Cambridge IGCSE Business&Economics (Business Studies) Mind Map on Key Terms- Business, created by lloyd.richards98 on 03/11/2014.

Created by lloyd.richards98 over 5 years ago
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Key Terms- Business
1 Goods
1.1 Tangible products provided to a consumer
1.2 Durable
1.2.1 Goods that eventually wear out or break
1.3 Non-Durable
1.3.1 Goods that are only used once
1.4 Industrial
1.4.1 Goods that produce other goods e.g. machinery
1.5 Consumer
1.5.1 Sold to people
1.6 Capital
1.6.1 Sold to businesses
2 Services
2.1 Intangible thing a business does or provides for its customers
3 Market
3.1 Any situation where buying and selling occurs
4 Production
4.1 The act of producing goods and services for sale
4.2 Producers
4.2.1 The company responsible for the production of the goods
5 Consumption
5.1 The act of purchasing goods and services
5.2 Consumers
5.2.1 The people who carry out consumption and ultimately use the product
6 Field/Primary Research
6.1 Involves the collection of new information which no one else has collected
6.2 Questionnaire
6.2.1 A list of questions to be answered by respondents, designed to gather information about customers' tastes
6.3 Focus Group
6.3.1 A group of people brought together to answer questions and discuss a product/ brand/ issue
6.4 Respondents
6.4.1 The people who provide data for a survey usually by answering the questions in questionnaires
7 Desk/Secondary Research
7.1 Involves the collection of information already available (within the organisation or externally)
7.2 Census
7.2.1 Government survey carried out every 10 years
8 Data
8.1 Quantitative Data
8.1.1 Research based on numbers and statistic which can be displayed numerically/graphically
8.2 Qualitative Data
8.2.1 Detailed research based on people's opinions, views and judgements
9 Market Segmentation
9.1 Breaking down a market into groups with similar buying habits and characteristics
10 Market Map
10.1 Double axis illustrating the range of positions that a product can take in a market based on 2 dimensions that are important to customers
11 Added Value
11.1 The Increase in Worth that a business creates for a product
11.1.1 Difference between the price of finished product/service and the costs involved in its production
12 Business Types
12.1 Sole Trader
12.1.1 Owned by one person and able to employ large amounts of people
12.2 Franchise
12.2.1 Entrepreneurs pay for the rights to use the branding/equipment and training of a company
12.2.2 Franchisor The company that allows the entrepreneur to have rights to use its brand name and equipment for a percentage of profits - royalty fees
12.2.3 Franchisee The individual purchasing the rights to use a franchisor's brand name and equipment etc
12.3 Partnership
12.3.1 A business with ownership shared between 2-20 people
12.4 PLC
12.4.1 Larger Limited company which sells its shares on the stock exchange
12.5 LTD
12.5.1 Smaller Limited company which sells its shares privately
13 Needs
13.1 Things a person must have in order to survive (Food, water)
13.2 Can be satisfied
14 Wants
14.1 Required to make life more pleasant for us, including luxuries that are not essential for survival
14.2 Are infinite and cannot be satisfied

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