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Business Intro
| Question | Answer |
|---|---|
| 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
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