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Business Unit 4 AOS1

TermDefinition
Business Change The alteration of behaviours, policies, and practices of a business.
Proactive approach A business changing to avoid future problems or take advantage of an opportunity to gain a competitive advantage.
Gap in the market When there is a need that is currently unmet in an industry and poses a profitable opportunity for businesses.
Reactive approach A business undertakes change in response to a situation or crisis.
Key performance indicators Criteria that measure a business's efficiency and effectiveness in achieving its different objectives.
Percentage of market share Measures the proportion of a businesses total sales, compared to the total sales in the industry, expresses as a percentage figure.
Net profit figure
Created by: stella.patt
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