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Definition Challenge- 1. Introduction to Business


UNIT 1 –Business & its Environment

‘going public’ A D Franchiser

B Shareholder

Unlimited liability C

Private sector Corporate social responsibility E AG

I H G ethics Management by objectives Organic growth Business M Social enterprise K Entrepreneur L Mission J Objectives Franchise Partnership P Q Triple bottom line Cooperative N O
R Sole trader Joint venture S T Opportunity cost

W V Private Limited Company Stock exchange Business Strategy U Holding X company
AA Secondary sector Y Budget

Articles of Association Z Stakeholders AD

AC Added value

Un-incorporated business AF
Share F capital

Annual General Meeting AE

Limited liability AB

? Converting a private limited company in to a

PLC and launching shares on to the stock market for the first time.

? A person or institution owning shares of a

limited company.

? This means the owners of a business are totally

liable for the debts of the business, if the business fails (become bankrupt / insolvent). ? In this case, they may have to use their personal savings or even sell their personal properties to settle business debts.

? Franchiser is a business selling a franchise license

to another business. ? They may run a number of their own businesses, but also may want to let others run their business.

? Private sector comprises businesses owned and

controlled by individuals or groups of individuals. E.g. Sole traders, Partnerships, Private limited companies, Public Limited Companies (PLC)

? The finance raised by a limited company by

issuing shares.

? Ethics are the moral guidelines that determine

decision making and actions of a business. ? This involves moral beliefs about what is right or wrong, good or bad etc, when judged by the society at large.

? This is a method of coordinating and motivating

all staff in an organisation by dividing its overall aim on to specific targets for each department, manager and employee. ? Participation of managers and workers at all the levels in the process of setting targets is an important aspect in order to get the agreement of all the staff and motivate them.

? This means the business expands by its own.

E.g. Open new branches, shops etc.

? These are the targets of a business that can give a

sense of direction to mangers, departments and to the whole organisations. E.g. Profit maximisation, Growth

? This is a statement of core aims of the business,

phrased in a way to motivate employees and to stimulate interest by outside groups. ? This is an attempt to condense the central purpose of existence of a business in to one statement.

? Entrepreneur is an individual who takes the

financial risk of starting and managing a new venture.

? A business with mainly social objectives that

re-invests most of its profits into benefitting society rather than maximising returns to owners.

? The three objectives of social enterprises related to

economic, social and environmental aspects.

? This is a legal entity owned and democratically

managed and controlled by its members for their own benefit.

? This is a business arrangement that is based upon

an agreement between a franchiser and a franchisee. E.g. KFC ? The franchisee buys a franchise license to use the name, logo and marketing methods of the franchiser which is an existing successful business.

? An unincorporated business owned by two or

more people usually with unlimited liability.

? Joint venture is a separate business division

created by two businesses who agree to work closely together on a particular project.

? This is the cost expressed in terms of the best

alternative forgone.

? An unincorporated business owned and

controlled by one person with unlimited liability.

? An incorporated business owned by shareholders

who has limited liability.

? The market place where shares of listed public

limited companies are bought and sold.

? Business strategy is a long-term plan of actions

aiming to achieve a specific objective. ? A strategy explains means and ways of how to achieve a particular business objective.

? The holding company is a business organisation

that owns and controls a number of separate businesses, yet does not unite them in to one unified company.


Budget is a detailed financial plan for future expenditure and income from sales. ? Allocates financial resources for the implementation of business strategies based on expected business activities in the coming year.

? A document including information about the

internal working and control of a company. E.g. Directors’ names, how to appoint them, how to approve main decisions etc…

? This involves manufacturing and processing activities which transform raw materials in to finished or semi-finished goods and construction activities. E.g. car production, baking, brewing and building construction


This means the owners are liable for the debts of the business, only up to the value of their investment in the business.

? The difference between the cost of bought-in

materials and the sales value of finished goods.

? Stakeholders mean individuals or organizations

who have an interest in the activities or performance of a business.

? This is a meeting of all the shareholders of a

limited company which is held every year.


A business established without an independent legal status / identity separate from that of its owners. So, all the legal activities in the business are carried out using the owners’ name. E.g. ……………………………………..

? Social responsibility means that the business

should consider the interest of society in its activities and decisions, beyond the legal obligations it has.

Market Consumer market Industrial market Marketing objectives Marketing strategy Market orientation Product orientation Asset-led marketing Social marketing Demand Supply Equilibrium price Market size Market growth Market share Unique Selling Point (USP) Niche marketing Mass marketing Market segment Market segmentation Consumer profile Market research Primary research Secondary research qualitative research quantitative research Focus group Test marketing Sample Random sampling Systematic sampling Stratified sampling Quota sampling Cluster sampling Open questions Closed questions Mean Mode Median Range Inter-quartile range Marketing mix Customer relationship marketing Product Consumer durable Brand Product positioning Product life cycle Extension strategies Elasticity of demand Price elasticity of demand Mark-up pricing Target pricing Full-cost pricing Contribution-cost pricing Competitor pricing Price discrimination Penetration pricing Skimming pricing Promotion Promotion mix Advertising Above-the-line promotion Sales promotion Below-the-line promotion Personal selling Sponsorship Public relations Branding Marketing budget Channel of distribution Internet marketing Viral marketing Integrated marketing mix


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