Paper 1

• 1.1.1 Enterprise


  a business or company, can also mean entrepreneurial activity
• 1.1.1 Entrepreneur


  someone who creates a business, taking on financial risks with the aim of making a profit
• 1.1.1 Consumer


  someone who buys and uses goods and services
• 1.1.1 Customer


  someone who buys goods and services
• 1.1.1 Obsolete


  out of date and not used anymore
• 1.1.1 M-commerce


  using a mobile device to carry out business transactions
• 1.1.1 Social media


  websites that allow users to interact with other users
• 1.1.2 Risk


  The possibility that an enterprise will make lower than anticipated profits or experience a loss
• 1.1.2 Financial Reward


  The money that an entrepreneur or investor receives when a business succeeds
• 1.1.2 Market Research


  The process of gathering information about the market and customers' needs and wants
• 1.1.2 Revenue forecast


  A prediction of future revenue based on expected sales; this is either a judgement or based on pervious sales patterns
• 1.1.2 Cash Flow


  The amount of money coming and going out of a business
• 1.1.2 Sales Revenue


  The amount of money that comes in from selling a product or a service
• 1.1.2 Investment


  Putting money into a business with the intention of making a profit
• 1.1.2 Start-up


  A new business, usually with only a small number of employees
• 1.1.2 Intuition


  Knowing something instinctively or understanding something without conscious thought
• 1.1.3 Stakeholder


  Anyone who has an interest in the activities of a business
• 1.1.3 Ethics


  The moral principles or standards the guide the behaviour of the business of a person.
• 1.1.3 Values


  Standards of behaviour or moral principles
• 1.1.3 Loyalty


  Supporting something or someone
• 1.1.3 Unique Selling point (USP)


  Something that makes a product stand out from its competitors
• 1.1.3 Economy


  The system by which a countries money and goods are produced and used
• 1.2.1 Want


  something a customer desires but isn't essential
• 1.2.1 Need


  something a customer needs as it is essential
• 1.2.1 Quality


  the level of effectiveness of a product or service / the standard of the materials / features
• 1.2.1 Choice


  the number of available products or services for a consumer to choose from
• 1.2.1 Price


  the amount of money a business charges for their product or service
• 1.2.1 Convenience


  how easy something is for someone
• 1.2.2 Market Research


  The process of gathering information about the market and customers' needs and wants
• 1.2.2 Primary Research


  Brand new research being carried out for the first time
• 1.2.2 Secondary Research


  Research that has already been carried out by someone else / a company
• 1.2.2 Qualitative data


  In depth information, usually opinions, thoughts, or reasons
• 1.2.2 Quantitative data


  Numeric / statistic data that is easy to quantify
• 1.2.2 Sample size


  The number of people asked in a survey
• 1.2.2 Research bias


  Where there is unlikely to be impartial answers given
• 1.2.3 Market segmentation


  dividing customers within a market into smaller groups with common needs or wants
• 1.2.3 Market segment


  One of these smaller groups of consumers
• 1.2.3 Target audience


  The segment(s) that a company is attempting to sell their product / service to
• 1.2.3 Mass market


  The largest part of a market where almost everyone is targeted. Products will be quite similar.
• 1.2.3 Niche market


  The smallest part of the market where only a few segments (or one) is targeted