Business studies Theme 2

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Research & Development

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136 Terms

1

Research & Development

Research into new products or processes and developing the idea that are generated from research

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2

Innovation

The act of creating new products or processes

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3

E-Commerce

Using the internet to carry out business transactions

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4

Merger

When two or more businesses join together to operate as one business

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5

Takeover

When one business buys another business and incorporates in into their own business

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6

Public Limited Company

An incorporated business that can sell shares to the public (also known as PLC)

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7

Multinational

A business with operations in more that one country (also known as a multinational corporation or MNC)

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8

Assets

Items owned by a business, such as premises, equipment and stock

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9

Interest

The cost of borrowing or a percentage of the amount of money borrowed that must be repaid in addition to the original amount borrowed

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10

Secured

Guaranteed, because if the business fails to pay back the money the bank can take the asset and sell it

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11

Dividends

A percentage of a business's profits that is paid to shareholders as a reward for their investment in the business

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12

Stock Market Flotation

The process of changing a business to a Public Limited Company (PLC) by issuing shares for sale on a stock exchange

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13

Stock Exchange

A place where shares in PLCs can be bought and sold

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14

Degree of competition

The number and size of businesses competing in a particular market

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15

Market share

The proportion of sales in a market that are taken by one business

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16

Culture

Th general attitudes, behaviour and beliefs of a business and its workforce

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17

Retrenchment

When a business downsizes the scale of its operations by reducing the number of employees or closing less profitable branches

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18

Organisational Structure

The way in which the workforce is organised, usually a hierarchy with people reporting to managers all the way up to the chief executive officer (CEO)

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19

Product portfolio

The range of goods and services offered by any one business

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20

Globalisation

When businesses operate on an international scale and gain international influence or power

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21

Imports

The flow of goods and services into a country from another country

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22

Exports

The flow of goods and services out of a country to another country

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23

Domestically

At home within a businesses home country

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24

Tariff

A tax imposed on imports or exports

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25

Protectionist measure

An action taken by the government to reduce the flow of imports into the country

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26

Trading bloc

A group of countries that agree to act together to promote trade between themselves

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27

Localise

Adapt to suit the local area and its needs, particularly in terms of culture, language or geographical location

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28

Ethics

moral principals or standards that guide the behaviour of a person or business

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29

Stakeholder

anyone who has an interest in the activities of a business, such as its workers, its suppliers, its directors, the local community and the government

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30

Trade-off

A balance between two different or opposing objectives, such as making a profit and spending money on ethical activities that will enhance the business's reputation

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31

Profit margin

The proportion of revenue leftover after costs have been deducted

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32

Green audit

A detailed review of a businesses impact on the environment, either conducted by the business itself or by an independent organisation

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33

Sustainability

Acting to ensure that natural resources are used responsibly to protect the environment for future generations

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34

Finite resource

(also known as non-renewable resource) a resource that does not renew itself quickly enough to meet societies consumption of that resource, such as oil and natural gas

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35

Pressure group

A group of people who join together to try to influence government policy or business policy for a particular cause

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36

Boycott

Refusing to by from or interact with a particular business or organisation

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37

Viral marketing

Using online channels, such as video-sharing or social media sites, to spread a campaign message by encouraging people to share it with their friends

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38

Lobbying

Trying to influence the government or other organisations

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39

Marketing mix

The four p's of marketing, which are Product, Price, Promotion, Place

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40

Aesthetics

The visual attractiveness of something

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41

Viable

Capable of working or succeeding

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42

Product portfolio

The range of goods and services offered by anyone business

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43

Economies of scale

A situation where average costs (of production, distribution and sales for example) fall as a business increases the amount of product that it produces, distributes and sells

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44

Maximise

Increase to the greatest possible amount or make the most of something

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45

Unique Selling Point (USP)

Something that makes a product stand out from its competitors

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46

Mass market

A large market where customers have similar needs and characteristics

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47

Generic

A characteristic relating to an entire group, not specific

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48

Niche market

A small market where customers have very specific needs and characteristics

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49

Discounted

No longer produced and sold

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50

Emotive language

Language intended to affect people at an emotional level, usually using adjectives such as crazy, cutting edge or cool.

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51

Medium

The way in which something can be communicated (media is the plural of medium)

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52

Sales promotion

A short-term special offer, usually in form of a discount, used by a business to attract customers to buy a product or service.

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53

Stock

The products held by a business in a shop or warehouse for sale to customers

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54

Pressure group

A group of people who join together to try to influence government policy or business policy for a particular cause

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55

Viral advertising

Advertising using social networking to increase sales or boost brand awareness

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56

E-commerce

Using the internet to carry out business transactions

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57

M-Commerce

using mobile technologies, such as smartphones and tablets, to carry out business transactions

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58

Retailing

Selling products or services to customers - in this case, in a physical shop

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59

E-tailing

Retailing to customers the internet, such as through an e-commerce website

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60

Markup

The amount of money added to the cost price of a product or service to make the final retail price

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61

Third-party platform

An e-commerce website or service that is run by an unrelated business

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62

Integrated marketing mix

A marketing mix that has a theme with the elements all supporting each other

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63

Patent

A legal protection of invention, design or idea, meaning that it is illegal for another company to copy it

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64

Bespoke

Designed and made for an individual customer

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65

Automation

Using machinery or robotics to do jobs instead of using people to do them

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66

Profit margin

The proportion of revenue left over after costs have been deducted

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67

Economies of scale

A situation where average costs (of production, distribution and sales for example) fall as a business increases the amount of product that it produces, distributes and sells

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68

Downtime

Time when a person or machine is not producing anything

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69

Standardised

When every example of a product is exactly he same as the others

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70

Cost per unit

How much it costs to make each product or service, taking into consideration all of the variables

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71

Supply chain management (SCM)

The management of the flow of goods and resources through the production process

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72

Key Words Definition

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73

Procurement

The process of managing a businesses major purchases from raw materials to delivery vans

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74

Variable cost

Costs paid by a business that change depending on how many products or services the business sells

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75

Fluctuate

rise or fall in number or amount

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76

Logistic

The organisation and management within a business of the transport of raw materials and goods

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77

Perishable

Likely to go out of date and go off quickly

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78

Quality mark

A standard of quality given to a business that is accredited by a professional body

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79

Competitive advantage

An advantage a business has over its rivals that is unique and sustainable

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80

E-tailing

Retailing to customers the internet, such as through an e-commerce website

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81

Retailing

Selling products or services to customers - in this case, in a physical shop

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82

Transaction

The act of buying or selling something

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83

Quantitative

Concerning the quantity or amount of something that can be measured in numbers

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84

Metric

A standard of measurement

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85

Qualitative

Concerning the quality of something, that cannot be measured in numbers

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86

Differentiate

Show that something (in this case, a product) is different from similar things

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87

Cost of sales

The direct costs of purchasing raw materials and manufacturing finished products

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88

Profit margin

A measure of profitability calculated as a percentage of revenue

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89

Inflation

The general increase in prices over time

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90

Variable

A quantity used in a calculation or some measurable piece of information

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91

Infographic

A graphic representation of information to make it interesting and easy to understand

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92

Demographic

Relating to the structure of population

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93

Qualitative data

Concerning the quality of something that cannot be measured in numbers

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94

Layers

In an organisational structure, this means the levels of job roles in the business, from the highest-paid directors to the most junior members of staff

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95

Span of control

The number of employees that are managed by a manager. If a person manages three employees, their span of control is three

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96

Accountability

Being responsible for something and being held responsible for it and its outcomes For example, a manager Is often held accountable for the actions of their staff

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97

Jargon

Technical or obscure words or terms used by a particular group of people that may not be understood by everyone

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98

Freelancer

Someone who is self-employed and contracted by businesses to work for them

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99

Roles

These are the different jobs within a business. For example, roles at a restaurant might include head chef, chef, kitchen assistant an so on

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100

Responsibilities

These are the things that someone is required to do in order to fulfill their role in the business. For example at a restaurant , responsibility for the role of head chef might be to create the restaurants menu

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