Edexcel GCSE Business key terms

A method through which a business receives money from customers, such as an online card payment or a contactless payment.

Setting a low initial price for a new product to attract customers and build market share.

A discussion between an employee and their manager to assess progress, provide feedback and identify development needs; also called an appraisal.

An employment contract with no agreed end date, continuing until the employee leaves or the employment is ended.

The fulfilment an entrepreneur gains from running a business, pursuing an interest or achieving a goal.

Money saved by an owner and invested in their business.

A document setting out the essential and desirable qualifications, experience, skills and attributes needed by someone doing a job.

Where and how a product reaches customers and is sold to them.

Support provided to customers after purchase, such as help with using a product, returns, repairs or complaints.

An organisation that campaigns to influence government policy or business behaviour on a particular issue.

The amount a customer pays for a good or service.

Charging different prices to different customer groups for the same product or service.

Setting a high initial price for a new product, then lowering it over time.

An approach a business uses to decide the prices it charges for its products.

The collection of new information first-hand for a business's particular research purpose.

An incorporated business owned by shareholders with limited liability, whose shares are not offered for sale to the general public.

The process of finding and buying the goods, materials, equipment and services a business needs to operate.

The good or service offered to customers, including its quality, design and features.

Making a product or service distinct from competitors’ offerings in ways that customers value.

The expense of producing a product, influenced by choices such as materials, features and manufacturing methods.

The ability to adapt production to make different products or meet changing customer requirements.

Output produced per unit of input, such as output per employee per hour.

An understanding of a product’s features, uses and benefits that enables staff to answer questions and recommend suitable products.

A model showing the stages a product passes through, from development to introduction, growth, maturity and decline, and how its sales change over time.

The different products offered for sale by a business.

An opportunity for customers to try a product, such as through a free sample or taste, before deciding whether to buy it.

Sales revenue minus business costs over a period.