Level 2
Level 1

unit 1


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Entrepreneur
someone who is willing to take the risks involved in starting a business.
social enterprise
is a business that is set up to help society rather than to make profit.
Marketing research
Is the process of gathering, analysing and presenting data relevant to marketing.
Primary market research
it involves gathering and analysing marketing data that has not been collected before.
Franchise
occurs when a franshisor sells an existing business idea to a franchisee
Objective
a target that is set for a business to achieve.
Partnership
is formed when two or more people set up in business together
unlimited liability
when the prsonal possessions of the owner of the business are at risk.
company
is a business that has its own legal identity.
shareholder
An individual, group, or organization that owns one or more shares in a company.
stakeholder
is an individual or organisation that affects or is affected by the activities of a business.
market segment
is a group of similar needs within the overall market
marketing mix
refers to all the activities influencing whether or not a customer buys a product
owners funds
is money put into a business by its owner or owners
interest
is a payment made in order to borrow money.It means a business pays back more than it borrows.
Overdrafts
gives entrpreneurs and businesses the right to borrow variable amounts of money up to an agreed limit.
economies of scale
occur when the cost per unit falls as a business expands
Diseconomies of scale
occurs when the cost per unit increases as a business expands.
Flotation
occurs when a private limited company becomes a public limited company and has its shares listed on the stock exchange.
Stock exchange
is a market for shares of public limited companies. large numbers of shares are being bought and sold all the time.
Organic growth
occurs when a firm gets bigger by selling more of their products.
Remuneration
is a term that means the payment of employees.
monetry benefits
additional payments made to employess on top of their wages or salaries, such as bonuses.
physiological needs
basic needs for a human, shelter, food or money
safety needs
to be safe and secure in their lives
love and belonging needs
to have friendship and trust at work
ego and self esteem needs
to be valued by others and yourselves
self actualisation
working to the full potential
job enrichement
designing a job to give interesting and challenging tasks
trade union
a group of workers who act together to improve their pay and working conditions.
batch production
is a method of production in which a group of similar products are produced at the same time.
job production
a method of production in which a product is supplied to meet the exact requirements of a customer.
market share
is indicating by the sales of one product compared to the total market sales.