Business studies flashcards
0.0 / 5
- Created by: Francesca Bilocca
- Created on: 04-01-14 12:52
Supplier
a business which sells or supplies products to another business
1 of 57
Customer
any person or organisation which buys or is supplied with a product by a business
2 of 57
Consumer
The person who ultimately uses a product
3 of 57
Markets
where buyers and sellers meet to exchange goods and services
4 of 57
market research
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
5 of 57
Primary(or field) research
Gathering new information which has not been collected before
6 of 57
4 examples of primary research?
Surveys, questionnaires, focus groups and observation
7 of 57
What is a focus group?
A small group of people who talk together about a product or idea and their responses are recorded by the researcher
8 of 57
What is meant by observation?
Looking at and recording events.
9 of 57
2 examples of observation?
One example is looking at and recording how people or other business behave. Another is conducting an experiment i.e. a prototype and observing its reactions.
10 of 57
respondents
those who provide data for a survey
11 of 57
Secondary(or desk) research
Gathering already existing data
12 of 57
4 examples of secondary research?
Sales records, government statistics, newspaper articles and reports from market research groups
13 of 57
qualitative data
information about opinions, judgements and attitudes
14 of 57
quantitative data
data that can be expressed as numbers and statistically analysed
15 of 57
market segment
part of a market that contains a group of buyers with similar buying habits, such as age or income
16 of 57
price sensitive
where the price of the product is very important in the decision about whether or not to buy
17 of 57
gap in the market
occurs when no business is currently serving the needs of customers for a particular product
18 of 57
product range
a group of similar products made by the same business, like a number of different soap powders
19 of 57
brand
a named product which customers can differentiate from other products and which they can identify
20 of 57
brand image
the impression that a customer has in their mind about the brand
21 of 57
added value
the difference between what a business pays its suppliers and the price it charges for the product
22 of 57
unique selling point/USP
a characteristic of a product that makes it different from other similar products e.g. design,quality or image
23 of 57
franchise
the right given by one business to another to sells goods or services using its name
24 of 57
franchisor
the business that gives franchisees the right to sell its product in return for a fixed sum of money
25 of 57
franchisee
a business that agrees to manufacture, distribute or provide a branded product under the licence of a franchisor
26 of 57
3 advantages of a franchisee
training, an established brand name, an exclusive area(not in competition with its brother franchises)
27 of 57
a disadvantage of a franchisee
the initial investment can be very high, and have to pay a royalty of a proportion of their sales to franchisor
28 of 57
difference between goods and services
goods are tangible and physical, services are intangible and non-physical
29 of 57
lateral thinking
thinking 'outside the box'
30 of 57
blue skies thinking
a technique d creative thinking where participants are encouraged to think of as many ideas as possible about an issue or problem
31 of 57
what colour are the six thinking hats?
white, red, black, yellow, green blue
32 of 57
What do the six thinking hats mean?
white=thinking about facts. red=thinking about emotions. black=thinking about problems. yellow=thinking about positive aspects. green=lateral thinking. blue=thinking about thinking
33 of 57
innovation
the process of transforming inventions into products that can be sold to customers
34 of 57
patent
right of ownership of an invention when it is registered with the government
35 of 57
copyright
legal ownership of material e.g books which prevents them being copied by others
36 of 57
trademarks
the symbol, sign, or other feature of a product or business that can be protected in law
37 of 57
enterprise
ability to look at something new, in different ways, and try to make it happen
38 of 57
financial objectives
targets expressed in money terms
39 of 57
revenue/turnover
income before deducting costs
40 of 57
fixed costs
costs that do not vary with the output such as salaries and rent
41 of 57
variable costs
costs which change directly with the number of products made by a business such as buying raw materials
42 of 57
total costs
total costs=fixed costs+variable costs
43 of 57
insolvency
when a business can no longer pay its debts
44 of 57
cash flow
the flow of cash in and out of a business
45 of 57
inflow
the cash flowing into a business, its receipts
46 of 57
outflow
the cash flowing out of a business, its payments
47 of 57
net clash flow
net cash flow=inflow-outflow
48 of 57
cash flow forecast
a prediction of how cash with flow though a business in the future
49 of 57
opening balance
the amount of money in a business at the start of the month
50 of 57
closing balance
the amount of money in a business at the end of a month
51 of 57
cumulative cash flow
the sum of money that flows through a business over time
52 of 57
trade credit
where a supplier gives a customer a period of time to pay a bill for goods or dervices
53 of 57
share capital
the value of money which belongs to its shareholders
54 of 57
dividend
a share of the profits of a company received by shareholders
55 of 57
retained profit
money that is kept from the profit to pay for further investment in the business
56 of 57
overdraft
when a business borrows more money from a bank than is actually in the account. They are later charged interest.
57 of 57
Other cards in this set
Card 2
Front
any person or organisation which buys or is supplied with a product by a business
Back
Customer
Card 3
Front
The person who ultimately uses a product
Back
Card 4
Front
where buyers and sellers meet to exchange goods and services
Back
Card 5
Front
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
Back
Similar Business Studies resources:
0.0 / 5
0.0 / 5
0.0 / 5
0.0 / 5
0.0 / 5
5.0 / 5 based on 1 rating
2.5 / 5 based on 2 ratings
3.5 / 5 based on 2 ratings
0.0 / 5
0.0 / 5
Comments
No comments have yet been made