Enterprise Glossary
What is an Action Plan?
A list of tasks that need to be completed in order for a set goal to be achieved.
What is an example of primary market research?
Any field research that collects new information or data for a specific purpose. Surveys, interviews, observations ... original data
What is a loan?
This is money borrowed from a bank that must be repaid with interest.
What is a target market?
This is the group of people a business aims its products or services at
What is production?
This is the process of turning inputs (like raw materials) into outputs (goods or services).
What does it mean to ANALYSE?
To examine in detail to show meaning, identify elements and the relationship between them.
What is an example of secondary research?
Anything using information that already exists and was originally collected for a different purpose... like: a business analyzing government demographic data to understand their target market's spending habits, or a student writing a literature review on a historical event by summarizing and synthesizing information from existing textbooks, news articles, and academic journals
What is a cash flow forecast?
This financial forecast estimates how much money will come in and go out of a business.
What is price?
This “P” in the marketing mix refers to the amount customers pay for a product.
What is output?
This is the term for the number of goods or services a business produces in a given time period.
What is a break - even point?
The point at which income from sales will cover all the enterprise's costs
What is a closed question?
This type of question in a survey lets respondents choose from options like “Yes/No” or “Agree/Disagree.”
What is equity/share capital?
This method of finance involves selling ownership shares in a company.
What is penetration pricing?
This strategy sets a low price to attract customers to a new product quickly.
What is quality control?
This is the process of checking products during and after production to ensure quality standards.
What is customer retention?
The measure of how loyal customers are to an enterprise (and the likelihood of them buying products and services again)
What is demographic research?
Collecting information about the age, income, gender, and lifestyle of customers is called this type of analysis.
What are fixed costs?
These are costs that do not change with the level of output, such as rent.
What is market segmentation?
This is the practice of dividing a market into smaller groups with similar characteristics, such as age or lifestyle.
What is automation?
This is the term for combining technology and machines with fewer workers to complete production tasks.
What are import duties?
A tax to be paid by a business to the government for importing goods from another country.
What is a sampling bias/error?
This type of error occurs when the people chosen for research do not represent the whole target market.
What are retained profits?
This type of finance involves reinvesting money generated by the business rather than borrowing.
What is the product life cycle?
This is the name for the complete life cycle of a product, from introduction to eventual decline.
What are economies of scale?
Producing at a larger scale to lower the average cost per unit