Unit 1
An advantage of this form of business is that it qualifies for government grants and subsidies.
What is a non profit business?
Form of government assistance, provided to encourage firms to increase their output of certain goods or services, deemed to be beneficial for society as a whole.
What are subsidies?
Different customers pay different prices for the same product or service
What is price discrimination?
Organizations need to adapt what they do. This happens due to globalization, new technologies, social and cultural reasons, demographics, government laws, economic trends and competition.
Factors that affect a business but over which it has no control
What is the external environment?
Finance raised by a public limited company when it issues (sells) shares for the very first time on a stock exchange.
What is an Initial Public Offering? (IPO)
Involves the gathering of new data and information, because these do not currently exist.
What is primary research?
Process of introducing new or adapting existing goods or services.
What is INNOVATION?
Individuals who work for an organization who take the lead on implementing new initiatives or growth strategies in order for the business to thrive and remain competitive.
Who is an intrapreneur?
Costs can be evidently and explicitly associated with the output or sale of a certain good, service or business operation.
What is a direct cost?
Businesses focus on making products that they can sell, rather than selling products that they can make
What is market-orientation?
20 marks to write an essay applying two concepts to a real world business
What is the CUEGIS Essay? or
What is the ERQ?
Businesses are controlled by a regional and/or national government, with the main aim being to provide essential goods and services for the general public.
What is the public sector?
Multiple sources of income for a business.
What is a revenue stream?
Paid-for marketing communications through the use of independent mass media.
Consider an argument, issue or concept in a way that uncovers the assumptions and interrelationships of the issue
What is the command term examine?
An organization expands without the help of an external partner firm. Instead, it uses its own resources to do so, such as using retained profits to invest in production facilities in new locations.
What is internal growth?
raw materials and factory worker wages
What are examples of variable costs?
A clearly identifiable group of customers that an organization focuses its marketing efforts on
What is target market?
The Assessment Objective that is - Demonstration of knowledge and understanding
What is A01?