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Business Intro

Business Function A group of similar activities that has the potential to affect the competitiveness of the business
Business Plan A written document that describes the business, its markets, its goals and the strategies it will follow to achieve those goals
Capital The money invested into the business by the owner(s)
Brand A name, term, design or symbol identifying a product of a particular business
Budget Planned projestions of sales, expenses and profits for a selected time period
Competition Where several businessse try to meet similar customer needs more effectively than their rivals
Competitive Advantage The reason a customer buys your product rather than a competitor's product
Goals Set out what needs to be achieved
Inputs Resources, such as equipment and labour, used to produce outputs
Intellectual Property A business pwns a trademark, recipe, design, research. which can't be copied without permission
Management Process of achieving business goals by coordinating and integrating the works of other people
Markets Where the buyers of a particular product are linked to the businesses selling that product
Outputs The goods or services produced by a business
Owner's Equity The owner's claim on the business assets after debts have been paid
Profit When revenue is greater than expenses
Value Chain The central idea that every activity in a busienss should add value to the final product or service that the business products
Created by: G Carpenter
Popular Business sets




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