Edexcel GCSE Business key terms

Closeness to something, such as customers, workers, suppliers or rival businesses.

Setting a price to influence customers’ perception of value, such as charging £9.99 rather than £10.

A company whose shares can be offered to the public and whose shareholders have limited liability.

Non-numerical information about opinions, experiences or qualities, such as customers’ reasons for disliking a product.

The extent to which a good or service meets customers' needs and expectations.

A system that builds quality into each stage of production or service provision, with employees responsible for meeting standards and preventing faults.

Checking completed goods or services against quality standards to identify faults, usually through inspection of all output or a sample.

A required level of performance or condition against which a good, service or process can be checked.

Numerical information, such as sales figures, costs or the percentage of customers choosing a product.

A set of questions used to collect information from respondents, often as part of a survey.

Basic materials used to make a product, such as timber used to make furniture.

The process of identifying staffing needs and attracting suitable applicants to fill vacancies.

Working away from the employer’s usual workplace, often from home, using technology to access work and communicate.

The basic wage or salary paid to an employee for their work.

The stock level at which a business places a new order.

The amount of stock ordered in a delivery.

The opinions people hold about a business, based on its behaviour and performance.

Work carried out to investigate ideas and develop or improve products and processes.

A business that sells goods to final consumers. A physical retailer sells through shops.

Profit kept within a business rather than distributed to its owners, which can be reinvested.

Teaching existing employees new skills so they can carry out changed tasks, such as using a new computer system.

Income earned from selling goods or services over a period, before costs are deducted. Also called sales revenue or turnover.

A benefit that an entrepreneur may gain from starting or running a business.

The possibility of a negative outcome, considered in terms of how likely it is and how serious its impact would be.

The activities through which a business builds customer interest, completes a sale and supports the customer after purchase.

The income earned from selling goods or services, calculated as selling price multiplied by quantity sold.

The group of people included in research, whose responses may be used to draw conclusions about a wider group.