Business Keywords 4.0 / 5 based on 1 rating ? Business StudiesFinanceMarketing mixRecruitment and retention of staffGCSEEdexcel Created by: hollycurleyCreated on: 25-03-15 11:37 Market Map A grid that shows two different aspects of the products or brands within a market; allows a firm to identify a gap in the market 1 of 21 Innovative A new, perhaps original, product or process 2 of 21 Market Segment Sections of a market in which consumers have different characteristics, e.g. age, gender or income 3 of 21 USP (Unique Selling Point) A feature of a product or service that is not shared by any other product or service 4 of 21 Revenue The total value of sales; equals the number of customers x the average amount they spend, or price x number of items sold 5 of 21 Sales Forecast An estimate of the future level of sales 6 of 21 Fixed Costs Costs that do not change with the amount produced, e.g. rent 7 of 21 Variable Costs Costs that do change with the amount produced, e.g. raw materials 8 of 21 Share Capital The finance raised from the sale of shares in a limited company 9 of 21 Venture Capitalists An individual that invests in risky businesses, in exchange for a percentage of the business 10 of 21 Limited Liability A situation in which the responsibility for paying the debts of a business is limited to amount invested in the business 11 of 21 Unlimited Liability A situation in which the responsibility for paying the debts of a business is unlimited; owner may be forced to sell personal assets to pay the debts 12 of 21 Sole Trader A business owned by one person; that person makes all of the decisions and has unlimited liability 13 of 21 PLC (Private Limited Company) A business owned by shareholders who enjoy limited liability; the shares cannot be sold on the Stock Exchange 14 of 21 Corporation Tax A tax on the company’s profits 15 of 21 Income Tax A tax on peoples’ incomes 16 of 21 Labour Turnover The percentage of the workforce that leaves each year and has to be replaced 17 of 21 Commodity A product in which all supplies are the same, such as sugar. 18 of 21 Monopoly A situation in which sales in a market are dominated by a single supplier 19 of 21 Wholesaler The middleman between producers and retailers 20 of 21 Stakeholders Groups of people who have an interest in and are affected by a business, e.g. workers, customers; NOT rivals! 21 of 21
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