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Business Studies Definitions.
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62
Business
Not Applicable
04/29/2015

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Term
Business
Definition
A Company which provides a product or service
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Market Gap
Definition
Where there is a demand for a good or service that is not currently being met by any businesses.
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Stakeholder
Definition
Those that have a stake or interest in the performance of a business.
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Internal Stakeholder
Definition
people within the business that have a stake or interest in the performance of a business.
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Aims
Definition
Long term goals a business can work towards.
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Business Plan
Definition
The plan for a business as to where they want to go and how they will get there.
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Business Location
Definition
Where a business is located.
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Unlimited Liability
Definition
When the owners posessions are at risk because of the debts of their business.
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Limited Liability
Definition
When the owners posessions are not at risk even if their business has debt.
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Public Limited Companies
Definition
Businesses that can sell shares on the stock exchange.
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Franchising
Definition
Big named businesses allowing entrepeneurs to sell products under their name.
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Centralised Structure
Definition
A business that makes decisions by a few people in the centre of the business.
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Decentralised Structure
Definition
A business that spreads decision making.
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Organisational Charts
Definition
Charts showing the structure of a business.
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Tall Structure
Definition
Businesses that have lots of layers within the business structure.
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Flat Structure
Definition
Businesses that have few layers within the business structure.
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Secondary (Desk) Research
Definition
Research from what has already been produced.

First hand research
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Quantitative Data
Definition
Data that is in numerical form.
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The Boston Matrix
Definition
A way to analyse a product portfolio.
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Product life cycle
Definition
The life cycle a product goes through in terms of levels of demand.
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Cost + Pricing
Definition
Adding a percentage of profit to a products selling price.
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Price Skimming
Definition
Having a high price for a new product when people are willing to pay then decreasing the price later.
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Penetration pricing
Definition
A low price on a product to gain market share.
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Loss leaders
Definition
A low priceā€¦
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Public Sector Businesses
Definition
Businesses owned by the government
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Sole Trader
Definition
A business owned by one person.
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Partnership
Definition
A business owned by 2-20 people.
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Primary Research
Definition
First hand research
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Qualitative Data
Definition
Data that is opinions and views
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Entrepeneur
Definition
Someone that starts up a business.
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Market Research
Definition
Researching the market
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