Business Concepts
What is the seed stage?
Idea stage of business life cycle
What is a sole trader?
A business owned by one person with unlimited liability.
What are the 4 Ps of marketing?
product, price, place, and promotion
What is the break-even point?
The sales level at which total revenue equals total costs.
What is participative (democratic) leadership?
A leadership style where decisions are made collaboratively.
What is a vision statement?
This statement defines the long-term aspirations of a business.
What is a partnership?
A business structure where two or more people share ownership and liability
What is a unique selling proposition (USP)?
This is the specific feature that makes a product stand out from its competitors.
What is debt finance?
Funds raised through loans that must be repaid with interest.
What is an intrapreneur?
A person within a company who acts like an entrepreneur to drive innovation.
What is market segmentation?
This term describes the process of dividing a market into distinct groups.
What is a private company?
A business owned by shareholders and not listed on the stock exchange.
What is a Gantt chart?
A graphical tool used to plan and track project schedules over time.
What is equity finance?
This represents ownership funding that does not require repayment.
What is controlling?
The four functions of management are planning, organising, leading, and this.
What is efficiency?
This evaluates how well a business achieves its goals using minimal resources.
What is a franchise?
A legal structure allowing individuals to operate under an existing brand.
What is quality control?
The system of ensuring a product meets set standards before reaching the customer.
What is liquidity?
This financial ratio measures a business’s ability to meet short-term obligations.
What is PESTLE?
External influences including political, economic, social, and legal forces.
What is a SWOT analysis?
This analysis identifies internal and external factors affecting a business.
What is intellectual property?
This refers to the protection of ideas, inventions, or designs.
What is SCAMPER?
Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, and Reverse
What is a decision-making matrix?
A visual tool used to compare the pros and cons of business decisions.
What is Porter’s Five Forces?
threat of new entrants, bargaining power of suppliers, bargaining power of customers, threat of substitute products or services, and rivalry among existing competitors