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67 Cards in this Set
- Front
- Back
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ENTERPRISE
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THE PROCESS BY WHICH NEW BUSINESSES ARE FORMED AND NEW PRODUCTS ARE SERVICES ARE CREATED AND BROUGHT INTO THE MARKET
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ENTERPRISE SKILLS
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SKILLS THAT ALLOW AN INDIVIDUAL/ORGANISATION TO RESPOND EFFECTIVELY TO CHANGING MARKET SITUATIONS
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ENTREPRENEURS
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INDIVIDUALS WHO HAVE AN IDEA THAT THEY DEVELOP BY SETTING UP A NEW BUSINESS AND ENCOURAGING TO GROW
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OPPORTUNITY COST
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THE REAL COST OF TAKING A PARTICULAR ACTION OR TH NEXT BEST ALTERNATIVE GIVEN
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FRANCHISE
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WHEN A BUSINESS GIVES ANOTHER BUSINESS THE RIGHT TO SUPPLY ITS PRODUCT OR SERVICE
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COPYRIGHT
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LEGAL PROTECTION AGAINST COPYING FOR AUTHOURS, COMPOSERS AND ARTISTS
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PATENT
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AN OFFICIAL DOCUMENT GRANTING THE HOLDER THE RIGHT TO BE THE ONLY USER/PRODUCER OF A NEWLY INVENTED PRODUCT OR PROCESS FOR A SPECIFIED PERIOD
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TRADEMARK
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SIGNS, LOGOS, SYMBOLS OR WORDS DISPLAYED ON A COMPANY'S PRODUCTS OR ON ITS ADVERTISING INCLUDING SOUNDS OR MUSIC TO DISTINGUISH ITS BRAND FROM THOSE OF ITS COMPETITORS
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RESOURCES
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THE ELEMENTS THAT GO INTO PRODUCING GOODS AND SERVICES
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FACTORS OF PRODUCTION
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THE FOUR ELEMENTS - LAND, LABOUR, CAPITAL AND ENTERPRISE - USED IN THE PRODUCTION OF GOODS AND SERVICES
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PRODUCTION
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THE PROCESS WHEREBY RESOURCES ARE CONVERTED INTO A FORM THAT IS INTENDED TO SATISFY THE REQUIREMENTS OF POTENTIAL CUSTOMERS
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OUTPUT
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THE FINISHED PRODUCTS RESULTING FROM TRANSFORMATION PROCESS
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PRIMARY SECTOR
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THOSE ORGANISATIONS INVOLVED IN EXTRACTING RAW MATERIALS
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SECONDARY SECTOR
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THOSE ORGANISATIONS INVOLVED IN PROCESSING OR REFINING THE NEW MATERIALS FROM THE PRIMARY SECTOR INTO FINISHED OR SEMI-FINISHED PRODUCTS
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TERTIARY SECTOR
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THOSE ORGANISATIONS INVOLVED IN PROVIDING SERVICES TO CUSTOMERS AND OTHER BUSINESSES, IN EITHER THE PUBLIC OR PRIVATE SECTOR
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ADDING VALUE
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THE PROCESS OF INCREASING THE WORTH OF RESOURCES BY MODIFYING THEM
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VALUE ADDED
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SALES REVENUE MINUS THE COST OF BROUGHT IN MATERIALS
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USP
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A FEATURE OF A PRODUCT/SERVICE THAT ALLOWS IT TO BE DIFFERENTIATED FROM OTHER PRODUCTS
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BUSINESS PLAN
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A REPORT DESCRIBING THE MARKETING STRATEGY, OPERATIONAL ISSUES AND FINANCIAL IMPLICATIONS OF A BUSINESS START UP
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MARKETING
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THE ANTICIPATION AND SATISFYING OF CUSTOMERS' WANTS IN A WAY THAT DELIGHTS CONSUMERS AND ALSO MEETS THE NEEDS OF AN ORGANISATION
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MARKET RESEARCH
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THE SYSTEMATIC AND OBJECTIVE COLLECTION, ANALYSIS AND EVALUATION OF INFORMATION THAT IS INTEDED TO ASSIST THE MARKETING PROCESS
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PRIMARY MARKET RESEARCH
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THE COLLECTION OF INFORMATION FIRST-HAND FOR A SPECIFIC PURPOSE
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SECONDARY RESEARCH
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THE USE OF INFORAMTION THAT HAS ALREADY BEEN COLLECTED FOR A DIFFERENT PURPOSE
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QUALITATIVE MARKET RESEARCH
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THE COLLECTION OF INFORMATION ABOUT THE MARKETING BASED ON SUBJECTIVE FACTORS SUCH AS OPINIONS
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QUANTITATIVE MARKET RESEARCH
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THE COLLECTION OF INFORMATION ABOUT THE MARKET BASED ON NUMBERS
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SAMPLE
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A GROUP OF RESPONDENTS OR FACTORS WHO VIEWS OR VEHAVIOUR SHOULD BE REPRESENTATIVE OF THE TARGET MARKET AS A WHOLE
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RANDOM SAMPLE
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A GROUP OF RESPONDENTS IN WHICH EACH MEMBER OF THE TARGET POPULATION HAS AN EQUAL CHANCE OF BEING CHOSEN
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QUOTA SAMPLE
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A GROUP OF RESPONDENTS COMPRISING SEVERAL DIFFERENT SEGMENTS, EACH SHARING A COMMON FEATURE. THE NUMBER OF INTERVIEWEERS IN EACH CLASSIFICATION IS FIXED TO REFLECT THEIR PERCENTAGE IN THE TOTAL TARGET POPULATION
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STRATIFIED SAMPLE
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A GROUP OF RESPONDENTS SELECTED ACCORDING TO PARTICULAR FEATURES. THE SUB-GROUPS AND THEIR SIZES ARE CHOSEN SPECIFICALLY
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THE MARKET
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A PLACE WHERE BUYERS AND SELLERS COME TOGETHER
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DEMAND
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THE AMOUNT OF A PRODUCT OR SERVICE THAT CONSUMERS ARE WILLING AND ABLE TO BUY AT ANY GIVEN PRICE OVER A PERIOD OF TIME
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MARKET SEMENTATION
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THE CLASSIFICATION OF CUSTOMERS OR POTENTIAL CUSTOMERS INTO GROUPS OR SUB-GROUPS, EACH OF WHICH RESPONDS DIFFERENTLY TO DIFFERENT PRODUCTS OR MARKETING APPROACHES
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SEGMENTATION ANALYSIS
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WHERE A FIRM USES QUANTITATIVE AND QUALITATIVE DATA OR INFORMATON TO TRY TO DISCOVER THE TYPES OF CONSUMER WHO BUY ITS PRODUCTS AND WHY
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MARKET SIZE
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THE VOLUME OF SALES OF A PRODUCT OR THE VALUE OF SALES OF A PRODUCT
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MARKET GROWTH
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THE PERCENTAGE CHANGE IN SALES OVER A PERIOD OF TIME
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MARKET SHARE
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THE PERCENTAGE OR PROPORTION OF THE TOTAL SALES OF A PRODUCT/SERVICE ACHIEVED BY A FIRM OR A SPECIFIC BRAND OF A PRODUCT
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UNINCORPORATED BUSINESS
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THERE IS NO DISTINCTION IN LAW BETWEEN THE INDIVIDUAL OWNER AND THE BUSINESS SERVICE
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INCORPORATED BUSINESS
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THIS HAS A LEGAL IDENTITY THAT IS SEPERATE FROM THE INDIVIDUAL OWNERS
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UNLIMITED LIABILITY
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A SITUATION IN WHICH THE OWNERS OF THE BUSINESS ARE LIABLE FOR ALL THE DEBTS THAT THE BUSINESS MAY INCUR
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LIMITED LIABILITY
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A SITUATION IN WHICH THE LIABILITY OF THE OWNERS OF A BUSINESS IS LIMITED TO THE FULLY PAID UP VALUE OF CAPITAL SHARE
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SOLE TRADER
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A BUSINESS OWNED BY ONE PERSON. MAY EMPLOY OTHER PEOPLE
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PARTNERSHIP
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A FORM OF BUSINESS IN WHICH TWO OR MORE PEOPLE OPERATE FOR THE COMMON GOAL OF MAKING A PROFIT
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PRIVATE LIMITED COMPANY
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A SMALL-MEDIUM SIZED BUSINESS THAT IS USALLY RUN BY THE FAMILY/ A SMALL GROUP OF INDIVIDUALS THAT OWN IT
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PUBLIC LIMITED COMPANY
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A BUSINESS WITH LIMITED LIABILITY, SHARE CAPITAL OVER £50,000, 2+ SHAREHOLDS, 2 DIRECTORS AND A SECRETARY
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OWNERSHIP
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PROVIDING FINANCE AND THEREFORE TAKING RISKS
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CONTROL
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MANAGING THE ORGANISATION AND MAKING DECISIONS
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STAKEHOLDERS
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ANY GROUP OF INDIVIDUALS WITH AN INTEREST IN A BUSINESS
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ORDINARY SHARE CAPITAL
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MONEY GIVEN TO A COMPANY BY SHAREHOLDERS IN RETURN FOR A SHARE CERTIFICATE THAT GIVES THEM PART OWNERSHIP OF THE COMPANY AND A SHARE OF THE PROFITS
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LOAN CAPITAL
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MONEY RECIEVED BY AN ORGANISATION IN RETURN FOR THE ORGANISATIONS AGREEMENT TO PAY INTEREST DURING THE PERIOD OF THE LOAN AND REPAY THE LOAN WITHIN AN AGREED TIME
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BANK LOAN
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A SUM OF MONEY PROVIDED TO A FORM OR AN INDIVIUAL BY A BANK FOR A SPECIFIC, AGREE PURPOSE
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BANK OVERDRAFT
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WHEN A BANK ALLOWS AN INDIVIDUAL/ORGANISATION TO OVERSPEND ITS CURRENT ACCOUNT SUM TO AN AGREE LIMIT FOR A STATED PERIOD OF TIME
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VENTURE CAPITAL
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FINANCE THAT IS PROVIDED TO A SMALL/MEDIUM SIZED FIRM THAT SEEK GROWTH BUT WHICH MAY BE CONSIDERED RISKY BY TYPICAL SHARE BUYERS OR OTHER LENDERS
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PERSONAL SOURCES OF FINANCE
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MONEY THAT IS PROVIDED BY THE OWNER OF THE BUSINESS FROM THEIR OWN SAVINGS OR PERSONAL WEALTH
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TELEWORKING
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WORKING IN A LOCATION THAT IS SEPERATE FROM A CENTRE WORK PLACE, USING TELECOMMUNICATION TECHNOLOGIES
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LEAST COST SITE
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THE BUSINESS LOCATION THAT ALLOWS A FIRM TO MINIMISE ITS COSTS
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INFRASTRUCTURE
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THE NETWORK OF UTILITIES SUCH AS TRANSPORT LINKS AND TELECOMMUNCATION SYSTEMS
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QUALITATIVE FACTORS
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BASED ON THE OPINIONS AND WISHES OF INDIVIDUALS
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PRICE
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THE AMOUNT PAID BY A CONSUMER TO PURCHASE ONE UNIT OF A PRODUCT
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TOTAL REVENUE
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THE INCOME RECEIVED FROM AN ORGANISATIONS ACTIVITES
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PROFIT
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THE DIFFERENCE BETWEEN THE INCOME OF THE BUSINESS AND ITS TOTAL COSTS
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FIXED COSTS
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COSTS THAT DO NOT VARY DIRECTLY WITH OUTPUT IN THE SHORT RUN
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VARIABLE COSTS
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COSTS THAT VARY DIRECTLY WITH OUTPUT IN THE SHORT RUN
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TOTAL COSTS
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THE SUM OF FIXED COSTS AND VARIABLE COSTS
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CONTRIBUTION PER UNIT
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SELLING PRICE PER UNIT - VARIABLE COST PER UNIT
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TOTAL CONTRIBUTION
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THE DIFFERENCE BETWEEN TOTAL REVENUE AND TOTAL VARIABLE COSTS
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BREAKEVEN ANALYSIS
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STUDY OF THE RELATIONSHIP BETWEEN TOTAL COSTS AND TOTAL REVENUE TO IDENTIFY THE OUTPUT AT WHICH A BUSINESS BREAKERS EVEN
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BREAKEVEN OUTPUT
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THE LEVEL OF OUTPUT AT WHICH TOTAL SALES REVENUE IS EQUAL TO TOTAL COSTS OF PRODUCTION
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