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Buss1 Key Terms AS

Buss1 Enterprise & Marketing

QuestionAnswer
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