AQA GCSE Business key terms

Making the greatest possible difference between sales revenue and total costs.

A scheme that gives employees a share of the business’s profits.

Activities used to communicate with customers, raise awareness and encourage purchases, such as advertising and sales promotions.

The combination of promotional methods used by a business to communicate with customers.

In proportion to the hours worked, such as receiving half a full-time entitlement when working half the full-time hours.

How close a business is to the customers it aims to serve.

A business owned by shareholders, with limited liability, that can offer its shares for sale to the general public.

Activities used to build positive relationships with the public and manage a business's reputation, including communication with the media.

Reductions in the cost per unit of supplies that a business can gain by buying in larger quantities, for example through bulk-buying discounts.

A reduction in average unit cost because a business buys larger quantities of materials or components and receives bulk discounts.

Non-numerical information, such as customers’ reasons for choosing a product or views about its quality.

Research that gathers descriptive information about opinions, preferences and reasons, often through open questions.

The extent to which a product or service meets customer needs and expected standards, including being reliable, safe and fit for purpose.

Organising and checking processes to prevent mistakes and ensure that output meets customer requirements.

Inspecting or testing products against agreed quality standards to identify faults.

An expected level of performance or a product characteristic against which actual quality can be checked.

Numerical information, such as sales figures, costs or survey percentages, that can be measured and compared.

Research whose findings are expressed numerically, often using closed questions with a limited choice of responses.

A product with low market share in a high-growth market; also called a problem child.

A set of questions used to collect information from respondents.

A basic material used to make a product, such as fruit used to make juice.

The process of attracting and identifying suitable candidates for a job vacancy.

Processing waste materials so that they can be used to make new products.

Evidence about a candidate’s abilities and suitability provided by someone who knows them in a professional capacity.

The percentage of output judged unsuitable for sale because it does not meet the required standards.

A resource that is naturally replenished and can remain available if it is managed responsibly.

The views people hold about a business, influenced by experiences, reviews and what others say about it.