Key Terms Business Management

3. the costs incurred when operating a business.
7. the amount of money a business makes from selling its goods or service.
9. the process of establishing a business to satisfy a need in the market whilst taking on the associated risks
10. creating and implementing new ideas or significantly improving upon existing good, service or way of doing something.
11. a favourable situation that can lead to improvements or success for a business.
12. an original creation of the mind that can be legally owned.
13. what is left once expenses have been deducted from revenue.
16. a researched evaluation of how viable a business concept is.
17. a free and automatic protection for original ideas such as writing, art, sound, films and photographs.
18. a form of legal protection over the rights of a business’s name, symbols, colours, packaging, or additional tools used to sell its products.

1. the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.
2. directing resources, such as money, towards discovering. Creating, and introducing new products and processes.
4. when the total value of goods and services produced by an economy increases over a period of time.
5. non-numerical data, such as opinions or written survey responses.
6. a unique website address
8. numerical data, such as figures and statistics.
14. a brief outline of the business’s idea, its main selling activities, and the features that will provide it with a competitive advantage.
15. an individual who has the responsibility of overseeing and handling employees whilst also running the day-to-day business tasks to achieve objectives.