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Summary Business Studies: Terminology
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Business Terminology needed for the final exam in IEB matric!
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, Business Terminology● Start-Up
○ The Term “Start-Up” Is Used To Describe A Brand New Business,
Typically In Its First Few Months Or Years Of Trading. The Term Has
Connotations Of Entrepreneurship, And The Implication Is Often That
The Company Will Grow Significantly In Size.
● Marketing
○ Marketing Refers To The Promotion Of A Product Or Service.
● USP
○ A “Usp” Is The “Unique Selling Proposition” Of A Company, Product Or
Service – In Other Words, What Makes It Different From Similar
Offerings.
● HR
○ The Abbreviation “Hr” Stands For “Human Resources”, And It’s The
Part Of A Company That Deals With Matters Relating To Its
Employees. The Goal Of Someone Who Specialises In Hr Is To Ensure
That Employees Are Happy And Productive, Reducing Turnover Of
Employees (That Is, Reducing The Frequency With Which Employees
Leave And New Ones Are Hired) And Maximising The
Cost-Effectiveness Of The Company’s Investment In Its Workforce.
● Brand
○ “Brand” Is The Term Given To A Company’s Name And The
Recognisable Attributes That Go With That Company, Which Define
Its Unique Identity.
● Buy-In
○ This Term Refers To The Idea Of Gaining Acceptance For Something.
● Brand Awareness
○ This Is A Measure Of Consumer Knowledge That A Particular Brand
Exists.
● Bull Market
○ A Market In Which Stock Prices Are Expected To Rise.
● Capital Gain
○ The Amount By Which The Selling Price Of An Asset Exceeds The
Seller’s Initial Purchase Price Is The Capital Gain.
● Copyright
○ A Copyright Is A Legal Proviso, Indicating Ownership Of Written Or
Drawn Material Such That The Material Cannot Be Reproduced
Without The Expressed Consent Of The Author.
● Corporation
○ Is A Type Of Business. A Separate Entity From Those Persons Who Run
It. A Corporation Provides Limited Liability, Easy Transfer Of
Ownership And Unlimited Life.
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