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Buss1 Key Terms AS
Buss1 Enterprise & Marketing
| Question | Answer |
|---|---|
| The ability to handle uncertainty and deal effectively with change. | Enterprise |
| Someone who is able to manage the 4 factors of production effectively. They are; 1. Land or natural resources 2. Labour 3. Capital, which is any kind of equipment used in production 4. Enterprise | Entrepreneur |
| The cost of an activity expressed in terms of the next best alternative, which has to be given up when making a choice. For example, what could an entrepreneur do with their time, expertise and money if they didn’t start a business? | Opportunity Cost |
| Sums of money given to a business for a specific purpose or project. They often contribute to the costs of a project rather than fund the whole thing. Grants do not usually have to be paid back. | Government Grants |
| A franchise is only one of a number of types of business structure. | Franchise |
| The protection given to books, plays, films and music. | Copyright |
| An exclusive right to use a process or produce a product, usually for a fixed period of time, up to 20 years. | Patent |
| A word, image, sound or smell that enables a business to differentiate itself from its competitors. | Trademark |
| Something that contributes to the production of a product or service. | Input |
| Something that occurs as a result of the transformation of business inputs. | Output |
| The difference in value between the price of the finished product and the cost of materials used. | Added Value |
| Data collected by the entrepreneur, or paid to be collected, which does not already exist. | Primary Market Research Data |
| Data already in existence that has not been collected specifically for the purposes of the entrepreneur. | Secondary Market Research Data |
| One in which each potential member of a group has equal chance of being in the sample. | Random Sample |
| This is not random, as not everyone has an equal chance of being in it, and the results cannot be used to predict the behaviour of everyone. | Quota Sample |
| Popular with researchers as it has the benefits of being random, thus reducing bias, and is not as expensive or as difficult as full random sample. | Stratified Sample |
| Data in numerical form. An example of this is ‘8 out of 10 owners who expressed a preference said their cats preferred Whiskers’. Quantitative data is usually collected from larger scale research in order to generate statistically reliable results. | Quantitative Data |
| Data about opinions, attitudes and feelings. It is usually expressed in terms of why people feel or behave the way they do. | Qualitative Data |
| Customers are only a short distance away. | Local Market |
| A geographically dispersed market where customers are spread over a large area. | National Market |
| Does not have a physical presence, but exists in terms of a virtual presence via the internet, Many businesses have gone from ‘brick to click’. In fact there are businesses which exist to help other businesses create an online presence (e.g. Shopcreator.c | Electronic Market |
| The technique where the market is broken down into smaller sections with similar characteristics. | Market Segmentation |
| The proportion of a total market accounted for by one product or company. | Market Share |
| The measurement of the change in market size, usually expressed as a percentage of its original size. | Market Growth |
| The measurement of the size of total sales for the whole market, either expressed in terms of the value of sales (in currency) or the volume of sales (in units). | Market Size |
Created by:
carole appleton
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