Buisness one

• How do entrepreneurs innovate 


  Introducing new ideas ,products to market
• What is a focus group 


  A research method where small groups of people share their opinion
• What is customer needs


  Spotting what a customer Needs with their product
• Field research 


  Gathering first hand data , surveys ,interviews
• What is desk research 


  Books journals reports
• Qualatitive data 


  Servers diary’s audio visual
• Quantitive 


  Market trends financial performance Market trends
• What is primary reseach

  First hand information . Survey interview
• Advantage primary research 


  Fresh insight,control,specific data
• Disadvantage primary research 


  Time consuming
• Secondary research 


  Data that is already used
• Advantage secondary research 


  Cost affective save time
• Disadvantages of secondary research 


  Time consuming , quality of data
• What is a market map 


  Helps understand what’s happening in the market
• What is revenue


  Total income generated
• What is a variable cost 


  An expense that changes in proportion to production output or sales
• What Is break even 


  Point at which revenue and total cost are the same
• What are overheads 


  The cost that do not change as production increases or decrease
• Advantages break even 


  Decision making , profit planimg,risk assesmeant
• What happens to break even when there is a fall or increase in costs

  A higher contribution reduce the number of units

  need to break even
• Disadvantages of break even 


  Time consuming , unrealistic calculations
• Cash flow forecast 


  A chart showing the future of cash levels
• Cash outflow 


  Any money leaving the company
• Net cash flow 


  Amount of money produced or lost by a company during a period
• What is trade credit 


  A company getting what they need without paying yet
• What is venture capital

  Money invested in a company
• What is overdraft

  Borrow extra money
• What is retained profit 


  Profit kept
• Unlimited liability 


  Full control
• limited liability 


  Not all control
• What is a franchisor 


  Sells the right to open stores and sell products or services using its brand
• A franchisee


  To allow the trade
• Marketing mix 


  Product place price promotion
• Stakeholder 


  Someone’s intrested in ur company
• Conflict stakeholders 


  Different goals