Across
- 5. Costs , The sum of all expenses incurred in producing goods/services (calculated as Fixed Costs + Variable Costs).
- 9. Environment , The landscape of rival businesses operating within the same market, competing for the same customers.
- 11. , The positive outcomes gained from starting a business, such as profit, independence, or personal satisfaction.
- 13. Competition , Businesses selling identical or very similar products/services to the same target audience.
- 17. Research , The process of gathering, recording, and analyzing data about customers, competitors, and market trends.
- 19. Costs , Business expenses that do not change when the level of output or sales changes (e.g., rent, salaries, insurance).
- 20. , The negative outcome achieved when total costs exceed total revenue.
- 21. Selling Point (USP) , A distinct feature or characteristic that sets a product or service apart from its competitors.
- 22. Price , The monetary amount a business charges a customer to purchase one unit of a product or service.
- 23. Data , Non-numerical data that measures opinions, beliefs, feelings, and motives.
- 25. Cost , The average cost incurred by a business to manufacture or produce a single item.
- 26. , The total amount of money earned from selling goods or services before any costs are deducted (calculated as Price × Quantity Sold).
- 27. , The probability or possibility that an enterprise will experience financial loss, business failure, or lack of success.
- 29. , An individual who takes on the financial risk of setting up and running a business with the aim of making a profit.
- 30. , Non-essential desires or items consumers would like to have but can live without.
- 31. Business , A business environment or market that is constantly changing due to shifting trends, technology, or competition.
Down
- 1. , The positive financial gain remaining after total costs are subtracted from total revenue (calculated as Total Revenue − Total Costs).
- 2. Value , The difference between the selling price of a finished product and the cost of the raw materials/inputs used to make it.
- 3. Costs , Costs that alter directly in proportion to the level of production or output (e.g., raw materials, packaging).
- 4. in the Market , An unfulfilled customer need or an area in a market map where no current products or services exist.
- 6. , A physical, tangible product that can be touched and kept.
- 7. Research , The gathering of data and information that already exists and was collected by someone else (e.g., market reports, internet articles, government statistics).
- 8. , An intangible activity or process provided by a business for a customer.
- 10. , The ability and willingness to show initiative, take calculated risks, and start a new business venture.
- 12. Segmentation , Dividing a target market into smaller, distinct groups of consumers based on shared characteristics like age, income, gender, or location.
- 14. Data , Numerical data that can be measured, graphed, and statistically analyzed (e.g., percentages, counts).
- 15. , Basic requirements essential for human survival, such as food, water, shelter, and warmth.
- 16. Competition , Businesses offering alternative products or services that satisfy the same underlying customer need.
- 18. , A product or service that is no longer produced, used, or relevant due to newer alternatives or changing consumer tastes.
- 24. Map , A two-axis grid used to diagram and compare products or businesses based on two specific characteristics (e.g., high price vs. low price, high quality vs. low quality).
- 28. Research , First-hand research collected directly from source for a specific business purpose (e.g., surveys, focus groups, interviews).