business definition

• Advertising media are the various places where advertisements may be found such as television, newspapers or the internet
• Business aim is the long term objective of the business, such as aiming to become the biggest business in its sector
• Backward vertical integration occurs when the suppliers of a business are taken over by that business
• Bank loans are long to medium term loans that can be used to buy producer goods
• Batch production is found when a small number of identical products are made at once
• Blogs provide information and allow discussion on the internet with other users producing their own entries or posts
• Break-even occurs where the total amount of money taken in by a business is the same as the amount of money paid out
• Business angels are wealthy individuals who invest their private capital into start-up businesses in return for a share in the business
• Business plan helps in decision making by showing the aims and objectives of a business and the strategies and requirements needed to achieve these
• Cash is money held by the business or in its bank accounts
• Chain of command is the path along which orders pass within a business from the management to the shop floor
• Commercial services provide mainly to businesses such as transport and warehousing but they may also be available to individuals such as insurance and banking
• Cash-flow forecast involves predicting what a business expects to happen to their cash-flow in the future
• Competitive environment is where there are a number of businesses attempting to persuade consumers to buy their products
• Competitive pricing is a pricing strategy which involves offering goods for sale at a price at or below that set by competitors
• Consumer goods are those which are produced for the final consumer
• Consumer panels are recruited by research companies to represent the views of consumers in a particular sector
• Consumers are the final users of goods and services at the end of the distribution channel
• Contribution is the amount taken from the cost of selling every good used towards paying the fixed costs of producing that good
• Co-operatives are social enterprise businesses owned by the employees or their customers
• Cost is the amount of money used to buy a good or service
• Cost plus pricing is a pricing strategy which involves adding a sum of money to the cost of producing goods to determine the selling price
• Curriculum vitae (CV) is written by a person looking for employment, outlining personal details, qualifications, experience, and interests
• Customer service involves the interaction between the business and the customer in understanding consumer needs before, during, and after the sale of a good or service
• Digital adverts use internet technologies to provide a range of advertising including using e-mail, social media messages, and banner advertisements on mobile phones and websites
• Distribution involves materials being transported to the producer or the final product being moved to the consumer
• Distribution channels involve the routes which goods follow between the manufacturer and the consumer
• Diversification allows a business to enter a different market in addition to the one they are already involved
• Durable goods are consumer goods which last for a long time and do not have to be bought frequently
• 1. commerce involves the buying and selling of goods and service via the internet
• Entrepreneur is a person who sets up a business by taking on the financial risks in the hope of making a profit
• Ethics involve a business doing what is morally right for its stakeholders
• Extension strategies involve methods businesses might use to prolong the life cycle of their products
• External growth involves increasing the size of a business by buying other businesses
• Feedback is the response by a customer following the purchase of a good or service
• Fixed cost always stays the same no matter how many goods are produced
• Flat (horizontal) structures involve organisational charts where there are few or no levels of middle management between staff and executives
• Flexible hours are a working practice in which workers are no longer in their offices between two set times
• Flow (mass) production is a method of production where goods are produced continuously usually on a production line
• Focus groups are consumers brought together by businesses to discuss their reactions to products before they are launched