Risk and reward - The balance that all business take in taking risks for the reward of doing so, Value added - The difference between the cost of the raw materials and the price that they can sell it at, Branding - The creation of an identity for the product that allows it create an image for itself, USP - Unique selling point, Entrepreneur - Someone who takes risk in setting up a business, Primary - First hand new research e.g. survey, questionnaires, Secondary - Second hand research - data that already exists e.g. newspapers , Focus group - Seeking the views of a small number of people about a product or service, Market segmentation - Breaking the market up in to different sections based on income, gender, lifestyle etc, Demographics - The structure of the population e.g. age, gender etc, Market map - Measuring where existing brands sit against two factors e.g. price v quality , Aim - Long term goal e.g. profit, survival, Objectives - Short term steps to achieve the long term goals/aims, Financial objective - 'To increase profits by 10% in the next two years', Non-financial objective - These can be focused on personal satisfaction, independence, control or challenge, SMART - Specific, measurable, achievable, realistic, time-based, Market share - The proportion of a market owned by the company, Survival - The initial aim of any new business, Revenue - Price x quantity, Profit - The money made after costs had been deducted from sales revenue, Variable costs - Costs that do change as output changes e.g. wages, raw materials, Fixed costs - Costs that do not change as output changes e.g. rent, Breakeven - The point at which costs = revenue, Margin of safety - The difference between the actual sales level and the breakeven level, Cashflow - The money within the business. Ideally you want inflows > outflows,

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