Edexcel GCSE Business key terms

Customers’ comments, opinions and complaints about a product or their experience with a business.

A customer’s willingness to continue buying from a business rather than switching to competitors.

An expectation or requirement that influences a customer's decision to buy a product or service.

The assistance a business provides before, during and after a purchase to help meet customer needs.

A document prepared by an applicant summarising their qualifications, work experience, skills and other relevant information. CV stands for curriculum vitae.

The extent to which research information can be trusted as a basis for business decisions.

Distributing decision-making authority to managers further down the hierarchy or in different branches or departments.

An agreement setting out partners’ responsibilities and arrangements, including investment, profit sharing, voting rights and changes in membership.

Giving someone at a lower level of a business authority to make decisions or carry out tasks.

How consistently a supplier delivers orders as agreed, including arriving on time.

Measurable characteristics of a population, such as age, gender and household composition.

A decrease in the value of a currency relative to another currency.

The balance between function, aesthetics and cost when designing a product.

Improving an employee’s abilities over time so they can take on greater responsibilities or meet future business needs.

Making a product distinctive from competing products in ways that customers value.

The exchange of information using electronic technologies, such as email, messaging, live chat and video calls.

Selling from the producer directly to the final customer without an intermediary.

A person responsible for the overall direction and performance of a company, including its objectives and major decisions.

A tax paid on income or profit, such as income tax or corporation tax.

Unfair treatment because of a characteristic such as age, disability, race, sex or religion.

Income remaining after income tax and other compulsory deductions, available to spend or save.

The route a product takes from its producer to the final customer, either directly or through other businesses.

Offering a wider range of products or serving different customer groups to reduce reliance on a single source of sales.

A payment to shareholders from a company’s profits, when the company decides to distribute them.

A market in which technology, consumer wants and the products or services offered change over time.

Buying and selling goods or services over the internet.

The overall condition of the economy, including whether demand and business activity are growing or declining.