Edexcel GCSE Business Theme 1 1.1.1 Enterprise a business or company, can also mean entrepreneurial activity 1.1.1 Entrepreneur someone who creates a business, taking on financial risks with the aim of making a profit 1
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Edexcel GCSE Business Theme 1 1.1.1 Enterprise a business or company, can also mean entrepreneurial activity 1.1.1 Entrepreneur someone who creates a business, taking on financial risks with the aim of making a profit 1.1.1 Consumer someone who buys and uses goods and services 1.1.1 Customer someone who buys goods and services 1.1.1 Obsolete out of date and not used anymore 1.1.1 E-commerce using the internet to carry out business transactions 1.1.1 M-commerce using a mobile device to carry out business transactions 1.1.1 Social media websites that allow users to interact with other users 1.1.2 Risk The possibility that an enterprise will make lower than anticipated profits or experience a loss 1.1.2 Financial Reward The money that an entrepreneur or investor receives when a business succeeds 1.1.2 Market Research The process of gathering information about the market and customers' needs and wants 1.1.2 Revenue forecast A prediction of future revenue based on expected sales; this is either a judgement or based on pervious sales patterns 1.1.2 Cash Flow The amount of money coming and going out of a business 1.1.2 Sales Revenue The amount of money that comes in from selling a product or a service 1.1.2 Investment Putting money into a business with the intention of making a profit 1.1.2 Start-up A new business, usually with only a small number of employees 1.1.2 Intuition Knowing something instinctively or understanding something without conscious thought 1.1.3 Stakeholder Anyone who has an interest in the activities of a business 1.1.3 Ethics The moral principles or standards the guide the behaviour of the business of a person. 1.1.3 Values Standards of behaviour or moral principles 1.1.3 Loyalty Supporting something or someone 1.1.3 Unique Selling point (USP) Something that makes a product stand out from its competitors 1.1.3 Economy The system by which a countries money and goods are produced and used 1.2.1 Want something a customer desires but isn't essential 1.2.1 Need something a customer needs as it is essential 1.2.1 Quality the level of effectiveness of a product or service / the standard of the materials / features 1.2.1 Choice the number of available products or services for a consumer to choose from 1.2.1 Price the amount of money a business charges for their product or service 1.2.1 Convenience how easy something is for someone 1.2.2 Market Research The process of gathering information about the market and customers' needs and wants 1.2.2 Primary Research Brand new research being carried out for the first time 1.2.2 Secondary Research Research that has already been carried out by someone else / a company 1.2.2 Qualitative data In depth information, usually opinions, thoughts, or reasons 1.2.2 Quantitative
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