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1.4 - Making the start-up effective


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Marketing mix
The combination of factors which help the business to take into account customer needs when selling a product - usually summarised as the four Ps, which are price, product, promotion and place.
Price
The amount of money customers have to give up to acquire a product.
Product
A good or service produced by a business or organisation and made available to customers for consumption.
Promotion
Communication between the business and customer, making the customer aware that the product is for sale, telling or explaining to them what is the product, making the customers aware of how the product will meet the customers' needs and persuading them to buy it for the first time or again.
Place
The way in which a product is distributed - how it gets from the producer to the consumer.
Sole trader (or sole proprietor)
The only owner of a business which has unlimited liability.
Unlimited liability
A legal obligation on the owner of a business to settle (pay off) all debts of a business. In law, there is no distinction between what the business owes and owns and what the business owner owes and owns.
Limited liability
When shareholders of a company are not personally liable for the debts of a company: the most they can lose is the value of their investment in the shares of the company.
Companies
Businesses whose shareholders have limited liability.
Records
Evidence of what has happened in the past; records could be kept in paper form or in computer files for example.
HM Revenue & Customs (HMR&C)
The government authorities in the UK responsible for collecting tax.
VAT (Value Added Tax)
A tax on the value of sales: it is paid by businesses to government.
Income tax
A tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their net earnings.
National Insurance Contributions (NICs)
A tax on the earnings of workers; Employers' National Insurance contributions are paid by employers on the wages of their workers; employees and sole traders have to pay National Insurance contributions on their earnings.
Corporation tax
A tax on profits of limited companies.
Customer service
The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations.
Customer satisfaction
A measure of how much products meet customers' expectations.
Repeat purchases (or repeat business)
Orders or sales that occur from customers who have bought the product or service in the past.
Job applicant
A person who shows they would like to be considered for appointment to a particular job with a business.
Job description
Document that describes the duties of a worker and his or her status in the organisation.
Person specification
A profile of the type of person needed for a job - their skills and qualities.
Application form
Document to be filled in with personal details.
Curriculum vitae (CV)
A brief list of the main details about a person, including name, address, qualifications and experience.
Motivation
In work, the desire to complete a task and meet the needs of the business consistently.