Understanding Business
Entrepreneur
What is the name given to someone who starts up a business?
Quaternary sector
What is the sector of industry which provides a knowledge-based and information and uses highly skilled staff?
Telephone survey
What is the method of market research where researchers contact respondents via telephone and ask them a series of questions?
Centralised warehousing
What is the name given a warehouse where all inventory is kept in the one place?
Product portfolio
What is the name given to a business which sells a variety of different products?
Public limited company
Political, Economic, Social, Technological, Environmental and Competitive
What are the external factors?
Physical evidence
What is the name given to the layout, design and facilities the business has?
What is the method of production which relies heavily of the employees of the business?
What is it called when a business will copy the techniques used by another organisation?
Social enterprise
What is the name given to an organisation in third sector which has a main social/environmental aim?
Franchisee
What is the name given to an individual who buys the right to sell another business' products/services?
Skimming
Fairtrade
What is it called when farmers will get a fair wage for their products?
Into the pipeline promotions
What is the name given to promotions which a manufacturer will use to encourage a retailer to stock their products?
What is the name given to the structure where staff from different functional areas come together to work on a particular task?
Operational decision
What is the name given to a short-term decision made to help the business run effectively?
Quota sampling
What is the method of sampling where respondents are selected based on certain characteristics?
Quality Symbol
What is it called where the business has proof they have met an agreed standard?
When a business takes over their supplier
What is backward vertical integration?
Narrow span of control
Limited Liability
What is it called when shareholders can only lose the money invested into the business?
Boston Matrix
What is the name given to the diagram used to plot the range of products an organisation uses?
CAD
What is the programme called which is used to design products on the computer?
Outsourcing