Upgrade to remove ads
business unit 1
Terms in this set (72)
someone who is looking to start a new bussiness. having the capacity and willingness to develop, organise an/d manage a new business
generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding
gap in the market
an opportunity for a business to enter into an area of the market not currently being serviced
list 5 possible motivations for going into business
1.)Flexible working hours and conditions
3.)potential to make money
4.) self- worth (fulfilling job)
5.)to overcome unemployment
the ability to do something well, gained through training and experience
an assessment of the internal strengths and weaknesses and the external opportunities and threats for a business in a given situation
a method for generating new ideas and solutions by holding a group discussion
point of difference or superiority held by a business over its competitors
a multistep approach whereby a selection is made between a range of different alternatives
a particular sector of a population. e.g. age, income or education
personal characteristics of an individual that make up their personality and determine how they act in a situation
initial reaserch that is required to determine whether the business concept is potentially viable
describes what a business expects to accomplish over a specific period of time and represent the aspirations of the business
measurable targets of hot to achieve business goals
a systematic approach which assists a business to make decisions about consumers and the marketplace
the property rights over the creations of mind or interlect.
a written statement that defines a business's core purpose and focus
outlines what the business sees as its values and centres around integrity, honesty and ethical behaviour
a written statement that outlines the values and aspirations of a business
an idea for a business including basic information such as the product, the target market, plus proposed competitive advantage
a place where businesses and individuals go to seek support and have a space to use without setting up their own office
a person or program that offers knowledge, advice and experience to another person
include money and incentives provided to businesses and individuals to pursue business ideas
goods and materials that Australia sends to other countries as part of trade
goods and materials that come into Australia from other countries
the foundations and investment needed in a country to provide the means for an economy to operate. it can include transport, communications, education, power and electricity services
mixed market economy
an economy that is based on both privately owned and run businesses and the government which provides goods and services
research and development
an activity undertaken by businesses to develop new methods and innovations for products and services
Corporate Social Responsibility
the commitment by organisations to take responsibility for the economic, social and environmental impact of their activities by going above and beyond their legal responsibilities
the value of the currency is determined by the demand and supply for the currency.
those factors that impact on a business and are out of the control of the business.
work that is done in another country.
the amount charged, expressed as a percentage, by a lender to a borrower for the use of assets.
practical application of science to achieve commercial or industrial objectives. Technology helps smaller businesses compete with bigger, more established businesses.
a business rival in the same market for products or services offered by the business.
a person or group who uses a product.
someone who buys goods or services.
the value that customers believe they will gain from purchasing a particular good or service.
something customers require because it is essential.
a group that aims to influence organisations or governments in their decision-making processes.
the environment immediately external to a business with which it has close interactions when conducting its business activities.
Special Interest Group
a group of people or organisation seeking or receiving special advantages or privileges.
supplies the inputs required for the production prosses.
a system of organisations, people, activities, information and resources involved in moving a product from suppliers to manufacturers and then consumers.
membership organisation engaged in promoting the business interests of its members
A way in which a small business can finance its operations without having to borrow substantial amounts of money
geographical site of a business
human made items used in the process of production
offers for sale products that are related to one's business and may be of use to that business's customers. e.g wedding dress shop and a florets
A way of financing a business through donations of money from the public
a material source of wealth, that occurs in a natural state and has economic value
human physical and mental effort used to create goods and services
the physical set-up or arrangement
bricks and mortar
business with a physical presence such as a shop front or office
where a business owner (franchisor) grants another (franchisee) the right to use their trademark, business systems and processes, to produce and market a good or service according to certain specifications
a legal from of business ownership where two or more people (partners) work together
business that conducts activities online
larger company with unlimited number of shareholders, shares can be freely traded on the stock exchange
a company where the shareholding is limited, with shares being sold privately, often run as a family business
private sector business that distributes profit to benefit the community rather than individual shareholders
owner of a company
an individual owner of a business, entitled to keep all profits but liable for all losses
the process of legally declaring a corporate entity as separate from its owners
a legal entity separate from the business owner
services used by businesses to assist them in their decision making
an interconnected system of people or businesses
person who offers their knowledge, wisdom and advise to someone with less experience
the formalised planning a business undertakes on a periodic basis
the degree to which customer expectations have been met
long term planning undertaken by senior management to achieve business goals
the planning undertaken by middle level management to assist in implementing strategic decisions
the detailed, short-term planning undertaken by a business
THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 10: Insurance for the Business & House…
Leaving Cert Business Definitions
unit 2 business management exam (2020)
YOU MIGHT ALSO LIKE...
business topic three
Business Management Unit 1 AOS3 Internal Environme…
Ch 4 Planning a business — internal business
Unit 3 AOS 1 Business Foundations Chapter 1
OTHER SETS BY THIS CREATOR
bus man 4.1
Chem AOS 1
bus man 4.2
OTHER QUIZLET SETS
New Testament - Major Events and Teachings
Back to the Future Mov 1 Viewing 3
ACCTG 405 Tax
Eating Disorders, Eating Disorders