Limited liability- When the owners posessions are not at risk even if their business has debt. Public limited companies- Businesses that can sell shares on the stock exchange.
Public sector businesses- Businesses owned by the government. Franchising- Big named businesses allowing entrepeneurs to sell products under their name.
Decentralised structure- A business that spreads decision making. Organisational charts- Charts showing the structure of a business. Tall structure- Businesses that have lots of layers within the business structure. Flat structure- Businesses that have few layers within the business structure. Market research- Researching the market.
Quantitative data- Data that is in numerical form. Qualitative data- Data that is opinions and views. The Boston Matrix- A way to analyse a product portfolio.
Product life cycle- The life cycle a product goes through in terms of levels of demand. Cost plus pricing- Adding a percentage of profit to a products selling price. Penetration pricing- A low price on a product to gain market share. Loss leaders- A low price…. Anonymous Unknown Report Thu 5th November, Sign up to Comment. The level of output where total costs and total revenue are exactly the same; neither a profit nor a loss is made.
A cost which can be clearly identified with a particular unit of output. The total at the bottom of the first part of the balance sheet; the value of all assets less the value of all liabilities. Where total cost and total revenue intersect on a break even chart. Identifying customer needs and satisying them profitably.
A method which involves completing one operation at a time on all units before performing the next. A product sold below cost to draw in customers.
The amount of output produced in relation to the resources used. Gross profit expressed as a percentage of turnover. Where computers link and control the design and production of goods in manufacturing. A summary at a point in time of business assets, liabilities and capital. A Japanese term which means continuous improvement. Groups of customers are asked for feedback about products over a set period. The money taken from the business by the owner for personal use. A small group of people which must represent a proportion of a total market when carrying out market research.
The flow of liquid resources into and out of a business. A cost which cannot be identified with a particular unit of ouput, incurred by the whole organisation or department. Net profit expressed as a percentage of turnover. Where workers are trained in more than one skill which enables them to do a range of jobs. Hint Answer The contracting out of work to other businesses that might otherwise have been performed within the organisation. The gathering of 'new' information which does not already exist.
Expenses that must be met when setting up and running a business. Costs which rise as output levels are increased. The key elements in a firm's marketing strategy.
Making a financial contribution to an event in return for publicity. Where a price change will result in a significant change in demand.
An intermediary that brings together buyers and sellers. The prediction of all expected receipts and expenses of a business over a future time period which shows the expected cash balance at the end of each month. A production technique which is highly responsive to customer orders and uses very little stock holding.
Money paid to shareholders when profit is distributed. A business which buys goods from manufacturers and sells them in smaller quantities to retailers.
Measures the responsiveness of demand to a change in price. The flow of money into a business. The money generated from the sale of output; price multiplied by quantity. A process which identifies the best possible way to carry out a task by looking closely at the way a job is done. Setting a low price to start with in order to get established in the market. The funds left over to meet day to day expenses after current debts have been paid, calculated by current assets minus current liabilities.
Long term loan secured with property. Profit that is returned to the owners of a business. Division of people according to social class based on employment status. The route taken by a product from the producer to the customer. The collection, presentation and analysis of information relating to the marketing and consumption of goods and services. The amount of capital raised from loans in relation to the amount raised from the sale of shares. The cost benefits that all firms in the industry can enjoy when the industry expands.
The flow of money into and out of a business. The trading of goods and services electronically. Methods used to prolong the life of a product. The process of reducing capacity, usually by laying off staff. An asset which is easily changed into cash. Renting or hiring equipment or property. Shows how net profit is calculated by subtracting expenses from gross profit. The time between receiving an order and making a delivery. A numerical approach to investigating accounts by comparing two related figures.
A representative sample of customers attending a discussion led by a market researcher. The collection of data that is already in existence. Adding a percentage, or mark-up, to the costs of producing a product to get the price.
A form of flow production where materials pass through a plant where a series of processes are carried out in order to change the product. The level of sales at the different stages through which a product passes over time.
Fixed cost and variable cost added together. The debts of the business which provide a source of funds. A managerial approach which focuses on quality and aims to improve the effectiveness, flexibility and competitiveness of the business. A business which buys goods from manufacturers and wholesalers and sells them in small quantities to consumers. Debts that have to be repaid within a year. Involves producing a 'family of products' in a small self-contained unit within a factory.
A financial document showing a firm's income and expenditure in a particular time period. The 4 Ps of marketing alphabetical order. Profit that is kept by the business and may be used in the future.
GCSE Business Studies Unit 1 Keywords and Definitions Unit Putting a business idea into practice Financial Objectives Targets expressed in money terms such as .
Key Terms Business- Something that provides a good or a service. Gap in the market- Where there is a demand for a good or service that is not currently being met by any businesses.
Start studying GCSE Business Studies KeyTerms. Learn vocabulary, terms, and more with flashcards, games, and other study tools. GCSE Business Studies is designed for students finishing secondary school to learn skills for running a business, such as managing money, advertising and employing staff.
GCSE Business Studies Unit 3 Keywords and Definitions Marketing The management process that is responsible for anticipating, identifying and satisfying customer needs profitably Market Research The process of gaining information about customers, competitors and market trends through. Apr 06, · Can you name the Business Studies Key Terms (2)?