Flashcards
Business flashcards
Flashcards do conjunto (34)
- 1value addedthe increase in the benefits of a good or service which are created at each stage of production
- 2how is value addedconvenience and speed
good design
high quality
brand name
USP
celebrity endorcement - 3importance of added valueadded value is a necessity:
it pays wages, bills and generates profit for future growth - 4target marketprice
product
place
promotion - 5entrepreneura person who is prepared to take a risk to make the idea for a business work
- 6qualities of an entrepreneurrisk taker
independent
understanding
ambitious
confident - 7motives for starting a businesschallenge
own boss
freedom
finance - 8primary research research you carry outsecondary research
research that has already been done - 9market researchthe process of gathering information about consumers and competitors and distributors within a firms target market
- 10market mapping: a grid that measures two different aspects of the brands within a market - identifies gaps in market and shows overcrowded areas
- 11benefits of competition to consumersforced to offer good products/services
bring innovative products/services - 12drawbacks of competitioncut costs by cutting staff
price cuts
unethical practices - 13market segmentsections of the market focusing on specific customer types
- 14market shareone brand sells as a % of all sales in the market
- 15factors affecting locationcost
market
customers
competition
infrastructure
staff
site facilities - 16franchisearrangement in which an established business name is sold to an individual or company who can then trade under that brand e.g McD's
- 17inventionhaving a totally original idea and showing how it can work in theory
- 18innovationputting a new idea into practise - bringing it to market
- 19patentmakes it unlawful for anyone to copy your idea
- 20copyrightcreations in writing/drawing/music are protected by copyright law
- 21selling price of a product fallsmore supply and less demand
- 22selling price of a product risesless supply and more demand
- 23revenuethe money a business gets from selling its goods or service (sales turnover)
- 24sales volumenumber of sales by a company over a period of time
- 25variable costscosts that vary with the quantity sold
- 26fixed costscosts that don't change as output changes
- 27total costsfixed + variable
- 28profitrevenue - total costs
- 29cash flow forecastprediction of the future flows of money in and out of the business for a specified amount of time
- 30inflowssales
investors
bank loan
shares
grants - 31outflowsbills
wages
suppliers
insurance
materials
taxes
loan - 32insolvencya business has an inability to repay debts
- 33improve cash flowcut stock levels
increase credit from suppliers - 34business planformal document setting out a new business idea and how it is planned to make a success
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- GCSE Business FlashCards sobre Business flashcards, criado por katiehumphrey em 23-01-2014.
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- katiehumphrey
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