Business basics
What is a business?
An organisation that produces goods/services to satisfy needs and wants
What are the 4 Ps?
Product, Price, Place, Promotion
What is revenue?
Money a business earns from sales
What is recruitment?
The process of finding and hiring employees
What is production?
The process of creating goods or services
What is profit?
Revenue minus expenses
What is target market?
A specific group of customers a business aims to sell to
What is a budget?
A plan for income and expenses
What is training?
Teaching employees skills to perform their job
What is efficiency?
Producing goods/services with minimal waste
What is a sole trader?
A business owned and run by one person
What is branding?
Creating a unique identity for a product/business
What is cash flow?
Movement of money in and out of a business
What is motivation?
Encouraging employees to work effectively
What is quality control?
Ensuring products meet standards
What is a partnership?
A business owned by two or more people
What is market research?
Collecting data about customers and markets
What is a loan?
Borrowed money that must be repaid with interest
What is job description?
A document outlining duties of a job
What is outsourcing?
Hiring another business to perform tasks
What is limited liability?
Owners are not personally responsible for business debts
What is product differentiation?
Making a product stand out from competitors
What is break-even point?
Where total revenue equals total costs
What is performance appraisal?
Evaluating employee performance
What is supply chain?