BUSINESS KEY TERMS

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Across
  1. 2. A marketing framework to analyse the environment in which a company can operate. The 5Cs include: Company, Collaborators, Customers, Competitors and Context.
  2. 4. The number and power of a company's competitive rivals, potential new market entrants, suppliers, customers and substitute products that influence a company’s profitability,
  3. 8. A company’s approach to determining the price at which it offers a good service to the market.
  4. 10. When all companies sell identical products, market share does not influence the price.
  5. 14. A condition in which firms can freely enter the market for an economic good, establishing production and beginning to sell the product.
  6. 16. Anything that gives the company an edge over its competitors, helping it attract more customers and grow its market share.
  7. 17. A firm may take a variety of legal structures including sole proprietorship, partnerships, corporations, or cooperatives.
  8. 18. The essence of what makes your product or service better than competitors.
  9. 19. Increased utility of a product as it passes through different production stages. Can be formed of extra products on a product or service to increase its perceived value for the customer.
  10. 20. A state of possible outcome when you have different points of view looking at some information.
  11. 21. The principle of setting your company apart from the competition through a specific element, such as your distribution network or price-point.
  12. 22. Take advantage of a situation, for example it can relate to several situations in careers, sports, business etc. It can make a difference between real leaders, winners and quitters.
  13. 23. A legal entity possessing the right to conduct business on its own, for example to enter into contracts, own property, incur liabilities and establish bank accounts.
  14. 24. Measures the effect on quantity demanded of a change in price, with all other factors held constant.
Down
  1. 1. A segment of a larger market that can be defined by its unique needs, preferences, or identity that makes it different from the market at large.
  2. 3. The percentage of total sales or total output that a business has in a specified market.
  3. 5. The product identifier and a general description of the product such as acid, base, biological hazard, flammable liquid, organic solvent.
  4. 6. Anything that threatens an organisation's ability to generate profits at its large target levels.
  5. 7. A subconscious expertise.
  6. 9. The size of the economy at a point in time . It measures all the total value of all goods made, and services provided, during a specific period of time.
  7. 11. A public perception of the company and how it operates, for example, the public's opinions on the company’s products/services or how the company treats their employees.
  8. 12. A measure of an organisation ‘s profit relative to its expenses. More efficient will realise more profit as a percentage of its expenses than a less-efficient organisation.
  9. 13. A company with the largest market share in an industry can often use its dominance to affect the competitive landscape and direction the market takes.
  10. 15. Whenever a market, hypothetical or real, violates the abstract tenets of neoclassical perfect competition.