Flashcards
Business Studies - AQA - GCSE - Business Studies Key Terms
Cards in this deck (50)
- 1B2BBusiness to Business
- 2B2CBusiness to Consumer
- 3Job DescriptionA document that covers the employee's responsibilities.
- 4Person SpecificationA description of qualifications, skills, knowledge, experience, etc.
(Selection criteria) - 5AdvertisePublicise information (about a vacancy)
- 6ShortlistA list of candidates from which the final decision is made.
- 7InterviewMeeting between the employer and the candidate.
- 8Full-time employeeNormal working employees, usually working between 35 and 40 hours per week.
- 9Part-time employeeEmployees that work only a certain amount of time each week, usually around 20 hours per week.
- 10Zero hour contractsWorkers that are called in when help is needed, or whenever they can. Work as much or as little as either party wants.
- 11SalaryFixed amount worked out annually, typically paid monthly.
E.g. £30,000 per annum. - 12WagePaid per hour.
E.g. Working 10 hours at £6.70, receive £67. - 13Time in lieuTime taken off because of hours worked overtime.
- 14BOGOFBuy One Get One Free
- 15Price SkimmingSetting a high initial price to make maximum profit (buyers are called early adopters).
- 16DevelopmentThe stage of the product life cycle where the product is still in development. No sales are made.
- 17IntroductionThe stage of the product life cycle where the promotion levels are high and sales are increasing for the product or service.
- 18GrowthThe stage of the product life cycle where the sales are increasing fairly dramatically. Promotion levels decrease.
- 19MaturityThe stage of the product life cycle where sales begin to level off.
- 20DeclineThe stage of the product life cycle where the sales of a product or service begins to decrease.
- 21WithdrawalWhen a product or service is removed from the market.
- 22Promotional MixA variety of methods used by a business to promote the brand image and products.
- 23Direct SellingSelling a product directly to the customer, thus bypassing third parties.
- 24Brand LoyaltyHaving a set of customers who will repeatedly buy a certain brand of products (over another).
- 25TelesalesSales made in call centres that are used specifically to contact customers and sell them products or services.
- 26Friendly Credit TermsFinancial option for customers who are unable to pay in full at the point of sale (monthly payments).
- 27CollateralA valuable asset used as security by a business when taking out a loan.
- 28WholesaleA business that buys in bulk and distributes its products to retailers (and in some cases, consumers).
- 29Distribution ChannelsThe different channels a product goes through before reaching a customer.
- 30PriceHow much the customer pays for the product.
- 31Market ShareThe percentage of the market that belongs to one business.
- 32Balance SheetA table showing the assets and liabilities that a business holds at a particular time.
- 33Point of saleThe place in which a customer is deciding whether to proceed with the purchase of a good directly in front of them.
- 34Horizontal IntegrationTaking over or merging with firms on the same stage of the production chain.
- 35Vertical IntegrationTaking over or merging with firms on a different stage of the same production chain.
- 36OverheadsCosts not directly tied to the production of goods.
- 37Price PenetrationSetting a very low price to gain as many sales as possible (and then raising it after those sales have been achieved).
- 38Adding ValueMaking a product more attractive to customers. Add new features to the current product.
- 39Exchange RateThe cost of converting on currency into another.
- 40MerchandisingEncouraging customers to make a purchase at the point of sale (like putting impulse buy products at the tills).
- 41Loss-LeaderSetting extremely low prices in order to attract customers into the store to buy other complementary goods.
- 42Stock ExchangeA market designed for the sale of shares from plcs to the general public.
- 43OverdraftExceeding the money in your bank and using short term finances previously arranged with the bank.
- 44Interest RatesThe cost of borrowing money charged on top of the total sum borrowed from a bank.
- 45MergerTwo firms joining together in order to reap the benefits of larger market share.
- 46Below The LinePromotional methods that are directly aimed at an individual.
- 47Above The LinePromotional methods that are not specific to individuals.
- 48SponsorshipPaying a fee in order to have a famous individual or event publicise your product or business.
- 49Price mark-UpA percentage added onto the production cost in order to set a new price for a good or service.
- 50Brand LogoAn image used to help identify the business from competitors.
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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.
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- Josh Anderson
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