Business Studies - AQA - GCSE - Business Studies Key Terms

Josh Anderson
Flashcards by Josh Anderson, updated more than 1 year ago
Josh Anderson
Created by Josh Anderson about 4 years ago
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GCSE Business studies Flashcards on Business Studies - AQA - GCSE - Business Studies Key Terms, created by Josh Anderson on 11/11/2015.

Resource summary

Question Answer
B2B Business to Business
B2C Business to Consumer
Job Description A document that covers the employee's responsibilities.
Person Specification A description of qualifications, skills, knowledge, experience, etc. (Selection criteria)
Advertise Publicise information (about a vacancy)
Shortlist A list of candidates from which the final decision is made.
Interview Meeting between the employer and the candidate.
Full-time employee Normal working employees, usually working between 35 and 40 hours per week.
Part-time employee Employees that work only a certain amount of time each week, usually around 20 hours per week.
Zero hour contracts Workers that are called in when help is needed, or whenever they can. Work as much or as little as either party wants.
Salary Fixed amount worked out annually, typically paid monthly. E.g. £30,000 per annum.
Wage Paid per hour. E.g. Working 10 hours at £6.70, receive £67.
Time in lieu Time taken off because of hours worked overtime.
BOGOF Buy One Get One Free
Price Skimming Setting a high initial price to make maximum profit (buyers are called early adopters).
Development The stage of the product life cycle where the product is still in development. No sales are made.
Introduction The stage of the product life cycle where the promotion levels are high and sales are increasing for the product or service.
Growth The stage of the product life cycle where the sales are increasing fairly dramatically. Promotion levels decrease.
Maturity The stage of the product life cycle where sales begin to level off.
Decline The stage of the product life cycle where the sales of a product or service begins to decrease.
Withdrawal When a product or service is removed from the market.
Promotional Mix A variety of methods used by a business to promote the brand image and products.
Direct Selling Selling a product directly to the customer, thus bypassing third parties.
Brand Loyalty Having a set of customers who will repeatedly buy a certain brand of products (over another).
Telesales Sales made in call centres that are used specifically to contact customers and sell them products or services.
Friendly Credit Terms Financial option for customers who are unable to pay in full at the point of sale (monthly payments).
Collateral A valuable asset used as security by a business when taking out a loan.
Wholesale A business that buys in bulk and distributes its products to retailers (and in some cases, consumers).
Distribution Channels The different channels a product goes through before reaching a customer.
Price How much the customer pays for the product.
Market Share The percentage of the market that belongs to one business.
Balance Sheet A table showing the assets and liabilities that a business holds at a particular time.
Point of sale The place in which a customer is deciding whether to proceed with the purchase of a good directly in front of them.
Horizontal Integration Taking over or merging with firms on the same stage of the production chain.
Vertical Integration Taking over or merging with firms on a different stage of the same production chain.
Overheads Costs not directly tied to the production of goods.
Price Penetration Setting a very low price to gain as many sales as possible (and then raising it after those sales have been achieved).
Adding Value Making a product more attractive to customers. Add new features to the current product.
Exchange Rate The cost of converting on currency into another.
Merchandising Encouraging customers to make a purchase at the point of sale (like putting impulse buy products at the tills).
Loss-Leader Setting extremely low prices in order to attract customers into the store to buy other complementary goods.
Stock Exchange A market designed for the sale of shares from plcs to the general public.
Overdraft Exceeding the money in your bank and using short term finances previously arranged with the bank.
Interest Rates The cost of borrowing money charged on top of the total sum borrowed from a bank.
Merger Two firms joining together in order to reap the benefits of larger market share.
Below The Line Promotional methods that are directly aimed at an individual.
Above The Line Promotional methods that are not specific to individuals.
Sponsorship Paying a fee in order to have a famous individual or event publicise your product or business.
Price mark-Up A percentage added onto the production cost in order to set a new price for a good or service.
Brand Logo An image used to help identify the business from competitors.
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