BTEC Business Level 2 Intro

Define product

• To develop over time

• mutliply

• Intangible service

• A commercially distributed good. Tangible good

Define Service

• The money made after all costs have been paid for

• The way to make a complaint if you are unhappy

• A tangible good you can pick up and take away

• An intangible service you pay for such as a hair dresser

Define Finance

• The money within a business used to purchase materials, machinery, and other costs

• The staff within a business

• The research and development a business does to make new products

• An advertisement

Define Resources

• The places you find information

• The inputs that are needed to produce goods and service e.g staff, materials, machinery

• The way to business success

• Different types of sauce that you can put on your chips

Competitors

• Using social media to advertise products

• A type of loan provided by the government

• a rival business whose activities have the potential to reduce another business’s share of the market

• Businesses that do not sell the same types of good and services

Define Location

• When the business has spent more money that it has earned in revenues

• a place or structure occupied by a firm to run its operations

• The company website

• How goods are delivered to the end customers

Define target audience

• Tax paid to the government

• The set of accounts produced by a business at the end of a financial year

• The way a business reduces costs by making continual improvements

• the demographic of consumers who are most likely to buy or be interested in your products or service

Define Entrepreneur

• the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits

• An employee of a business

• The way a business differentiates itself from others

• A measure of succcess of a business