BUSS1 Key Terms Crossword Part 2

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Across
  1. 5. A word, symbol, or phrase used to identify a particular company’s product and differentiate it from other companies’ products
  2. 6. A smaller part of a larger market in which customers have more specific needs and wants.
  3. 9. An employee who is employed on a formal employment contract and remains with the firm for an open-ended period until the contract is ended.
  4. 10. liability The potential risk that sole traders and partnerships face. They are liable for the debts of the business
  5. 12. The process of dividing a market into smaller sections (segments) segmentation which contain customers with similar needs and wants
  6. 14. The process of planning, collecting, and analysing data relevant to help make marketing decisions
  7. 16. The probability or chance that hoped-for outcomes will not occur
  8. 17. Amounts owed to suppliers of a business – a source of finance
  9. 19. The cost of a decision as measured by the benefits foregone of the next best alternative
  10. 21. Costs that vary directly in proportion to output (e.g. materials, pay related to amounts produced or sold)
  11. 22. The percentage growth in the size of the market, measured over a specific period
  12. 23. A feature of a product or service that makes it stand out compared with the competition
  13. 24. The share of the total market that is owned by a particular business, product or brand. Usually expressed in percentage terms. The firm with the largest percentage market share is known as the market leader.
  14. 26. In market research, a subset of a population.
Down
  1. 1. The income or sales that a business achieves in a period. Calculated by multiplying selling price per unit x units sold.
  2. 2. The total value or quantity of demand in a specific market over a specific period of time. Can be measured in value terms (e.g. sales) or in terms of quantities (e.g. units) bought or sold.
  3. 3. The rewards to enterprise – e.g. profit, satisfaction
  4. 4. The right to be the only user of producer of a specified product or process
  5. 7. The market research that involves the collection of data that does not yet exist
  6. 8. Market research concerned with collecting data on attitudes, opinions, beliefs, intentions etc.
  7. 9. The difference between total sales and total costs
  8. 11. The amount of money that a business has available to conduct its day-to-day activities
  9. 12. A business that has objectives other than making profit. Part of a group of organisations in the “not-for-profit” sector
  10. 13. The finance invested in a business (limited company) by the shareholders – part of the equity capital of a firm
  11. 14. The difference between the actual level of output and the break even output
  12. 15. A one-person business with unlimited liability for the debts of that business
  13. 18. Market research concerned with collecting data that can be quantified - e.g. sales statistics
  14. 20. The total of variable and fixed costs in a business
  15. 25. A business that provides goods and services to other firms.