Business Activity
Factor of production that takes risks and starts a business.
Enterprise
The "P" concerned with advertising.
Promotion
People employed by a business.
Labour
Value added to a product.
Added Value
Business owned by shareholders.
Company
A person who starts a business.
Entrepreneur
Collecting information about customers.
Market Research
Teaching employees new skills.
Training
Country with low income levels.
LEDC
Business owned by one person.
Sole Trader
Money used to start a business.
Start-up Capital
Dividing customers into groups.
Segmentation
Payment made to employees.
Wages
Country with high income levels.
MEDC
Business owned by members.
Cooperative
Spending on machinery or buildings.
Capital Expenditure
Creating a unique identity for a product, service, or business.
Branding
Extra payment for performance.
Bonus
The O in SWOT represents
Opportunities
Main disadvantage of sole traders
Unlimited Liability
A law protecting inventions.
Patent
Marketing approaches used to lengthen the product life cycle.
Extension strategies
Process of attracting applicants.
Recruitment
Ansoff strategy involving new products and new markets.
Diversification
Gross Domestic Product