Unit 5+6 Key Terms
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Created by:
Petflaskan on October 9, 2011
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22 terms
Terms | Definitions |
|---|---|
 Competitive advantage | The advantage that a business has over rivals. It can be gained in a number of ways. |
| Corporative culture | The values, beliefs and norms that are shared by people and groups in an organisation. |
| PEST-G analysis | An analysis of the political, economic, social, technological and green factors affecting a business. |
| Planning | The process of deciding, in advance, what is to be done and how it is to be done. |
| Strategy | The pattern of decisions and actions that are taken by the business to achieve its objectives. |
| SWOT analysis | An analysis if the internal strengths and weaknesses and the external threats and opportunities facing a business. |
| Consumer co-operative | A business organisation which is run and owned jointly by the members, who have equal voting rights. |
| Deed of Partnership | A binding legal document which states the formal rights of partners. |
| Flotation | The process of a company 'going public'. |
| Franchise | An agreement where a business (the franchisor) sells the rights to other businesses (the franchisees) allowing them to sell products or use the company names. |
| Holding company | A public limited company which owns enough shares in a number of other companies to exert control of them. |
| Limited company | A business organisation which has a separate legal entity from those of its owners. |
| Limited liability | Where a business owner is only liable for the original amount of money invested in the business. |
| Limited Liability partnership | A partnership where all partners have limited liability. |
| Limited partnership | A partnership where some members contribute capital and enjoy a share of profit, but do not participate in the running of the business. At least one partner must have unlimited liability. |
| Mutual organisation | Businesses owned by members who are customers, rather than shareholders. |
| Organisation | A body set up to meet a need. |
| Partnership | A business organisation which is usually owned by between 2-20 people. |
| Private sector | Businesses that are owned by individuals or groups of individuals. |
| Sole trader or sole proprietor | A business organisation which has a single owner. |
| Unlimited liability | Where the owner of a business is personally liable for all business debts. |
| Worker co-operative | A business organisation owned by employees who contribute to production and share in profit. |
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