Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
What is a franchise? |
The legal right to use an existing firm's name and logo and sell their products.
|
|
|
Define a Gap In The Market? |
A business opportunity, finding a brand new idea no one else has come up with before. Or improving an original idea/product.
|
|
|
What is a sole trader? |
A single owner of a business- they have unlimited liability.
|
|
|
What is a partnership? |
Two or more owners of a business- they have unlimited liability. |
|
|
What are the four P's in the marketing mix? |
Product, Place, Price and Promotion.
|
|
|
What are stakeholders? |
An individual or group with an interest in a business. These are people like... suppliers, customers, owners, employees, managers etc. |
|
|
What are business aims and objectives? |
Business aims= where you state a target for the future (for example, surviving the first year of trading) Business objectives= a clearly defined target for abusiness to achieve over a certain period of time. |
|
|
What is limited liability? |
When shareholders in a limited company can only loose their investment in a business if it fails, they cannot be forced to sell any of their own personal assets to pay off debts. |
|
|
What is unlimited liability? |
When the owners are responsible for all the business debt's. |
|
|
What factors might affect where a business is chosen to be located? |
Costs, infrastructure, the market, entrepreneurs lifestyle choices etc... |
|
|
What is a social enterprise? |
The main aim of many businesses is to make profit and survive/grow as a company. This is an enterprise. Where as a social enterprise feels they need a better form of motivation/reward- they feel they must be doing something good for the community of doing something that helps out other people. This is a social enterprise. |
