missions statement - defines the fundamental purpose foo an organisation or enterprise briefly describing why it exists and what it does to achieve its vision

corporate vision - outlines what the organisation wants to be or how it wants the world in which it operates to be

functional objective - a departmental objective which helps the B to achieve its mission

competitive advantage - an advantage a B has over its competitors allowing it to generate larger than average turnover for the industry

PESTLE - political, economic, social, technological, legal, and environmental external analysis of a B

SWOT - tool to examine the strengths, weaknesses, opportunities and threats to a B

porters 5 forces - analysis tool for examining ways for a B to gain competitive advantage

barrier to entry - factors which make it difficult for new Bs to enter a market

average cost - the cost of producing 1 item (includes variable and fixed cost)

diseconomies of scale - when average costs of production per unit start to rise, may be due to communication or coordination problems as the B expands too fast

EOS - the reduction of average cost per item as production increases and fixed costs are spread over more items

Brand recognition - when a customer can easily identify a brand