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Chapter 1

Unit 1-Definitions

TermDefinition
Commercial Business A business that is set up and its main aim is to make a profit.
Non commercial business A business whos primary goal / aim is something other than making a profit such as providing a charitable service.
Stakeholders The different groups of people who are directly affected by how a business is run eg: shareholders,employees, producer/supplier, management, consumer etc.
Entrepreneur The person who takes the initiative and risks associated with starting a business. They spot a gap in the market and try to make anidea into a profitable business. They tie all the factors of production together.
Investors The people who provide a business with the finances it needs. They provide their money and expect a return on it. Eg; shareholders (receive dividends for their money, Banks (loan interest), and Grants.
Managers The people responsible for running the business and achieving its goals. They plan, organise and control and use leadership, motivational and communication skills in their work.
Customers People who buy from a business.
Consumer People who buy from a business for purely their own use and not for resale.
Interest Groups An organisation which represents the interests of a group of people who share a common set of goals or objectives. Can be referred to as pressure groups as they "lobby" or put pressure on those responsible for decision making. Eg: IBEC, ISME etc.
Lobbying Trying to persuade the decision maker through an organised campaign, usually involving discussions at which the organisations views are put forward. Other activities such as public protests or publicity campaigns may be used.
Trade Associations Business interest groups that represent businesses involved in similar types of activites. Eg: SIMI (motor industry) etc.
Trade unions Organisations that represent the interests of employees in a business on issues concerning pay or conditions of employment.
Co-operative Relationship When two parties in business work together towards a common goal. It is often reffered to as a win-win situation.
Competitive Relationship When two parties in business have different objectives and work against eachother, which may lead to conflict. Can be reffered to as a win-lose situation.
Negotiating Getting all sides in a dispute or conflict to explain their position , understand their differences and then arrive at a comprimise that is acceptable to both sides.
Arbitration Means getting a third party to listen to all sides and then to recommend a solution which is the final decision in the argument.
Created by: paulsutton97