Theme 1 Definition

	A	B	C
1	Key term	Definition	Topic
2	adapted Products	Finding new products based on the original one, such as Wall’s White Chocolate Magnum.	1.1
3	added value	The difference between what a business pays its suppliers and the price it charges its customers.	1.1
4	brand	A named product which customers see as different from other products and which they can identify with.	1.1
5	brand image	The idea, impression or perception a consumer has about a particular company or product.	1.1
6	competitive advantage	A feature of a business that helps it to succeed against rivals.	1.1
7	consumer	Someone who buys and uses goods and services.	1.1
8	customer needs	The wants and desires of buyers of a product or service.	1.1
9	demand	The number of units that customers want – and can afford – to buy.	1.1
10	demographic	The characteristics of the population, such as gender, age, religion, and wealth.	1.1
11	E-commerce	Using the internet to carry out business transactions.	1.1
12	enterprise	A business or organisation that produces or sells goods and services.	1.1
13	entrepreneur	Someone who creates a business, taking on financial risks with the aim of making a profit from the business.	1.1
14	ethics	Moral principles or standards that guide the behaviour of a person or business.	1.1
15	financial reward	The funds that an entrepreneur or investor receives when a business succeeds.	1.1
16	goods	Physical, tangible products that are sold, for example a car or TV.	1.1
17	intuition	Knowing something instinctively or understanding something easily without conscious thought.	1.1
18	investment	Putting an amount of cash into a business with the intention of making a profit.	1.1
19	loyalty	Wanting to always support something or someone. In a business sense returning to the same business/product repeatedly.	1.1
20	M-Commerce	Using mobile technologies, such as smartphones and tablets, to carry out business transactions	1.1
21	market share	The proportion of sales in a market that are taken by one business.	1.1
22	marketplace	The activities involved in buying and selling services, in competition with other companies.	1.1
23	need	The products or services people need to make life comfortable.	1.1
24	obsolete	When something no longer exists because it is out of date or not used anymore.	1.1
25	original idea	Ideas that have not been done before.	1.1
26	payment platforms	Programs that enable businesses to take online payments from customers. They are usually free for the customer to use, but take a small amount of commission from the seller.	1.1
27	reward	A gain or favourable outcome as the result of taking a risk, for example a profit.	1.1
28	risk	The possibility that an action will have a negative or unfavourable outcome or consequence, for example a financial loss.	1.1
29	services	Non-physical, intangible products where someone or an organisation does something for someone, for example taxi journey or a haircut.	1.1
30	social media	Websites that allow users to interact with other users, by sharing text based messages, pictures or links to online content.	1.1
31	start-up	A new business, usually with only a small number of employees- perhaps only one	1.1
32	USP	Unique selling point, a characteristic of a product or service that makes it different from other products being sold in the market.	1.1
33	values	Standards of behaviour or moral principles	1.1
34	want	What people choose to spend their incomes on, once the weekly bills have been paid (rent, water, food).	1.1
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