OCR GCSE Business key terms

Temporarily reducing prices or offering extra value to encourage purchases.

A personal characteristic protected by equality law, such as age, sex, race, religion, disability or sexual orientation.

An objective focused on meeting customers’ or users’ needs through the service an organisation offers.

How close a business is to its customers or potential customers.

A company owned by shareholders that can offer its shares for sale to the public.

A company whose shares can be offered for sale to the general public.

Information describing opinions, preferences or reasons rather than numerical measurements.

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

Using procedures and checks throughout production or service delivery to prevent mistakes and achieve consistent standards.

Checking goods or services against required standards to identify faults, for example inspecting samples of finished products.

A level of performance or set of characteristics that a good or service is expected to achieve.

Information expressed as numbers that can be counted, measured, compared and statistically analysed.

A set of questions used to collect information from respondents, such as customers’ opinions and preferences.

Basic materials used to make a product, such as cotton used to manufacture clothing.

A change an employer must reasonably make to remove or reduce a disadvantage experienced by a disabled applicant or worker.

The process of attracting and identifying potential employees who are suitable for a job.

A business that carries out recruitment tasks on behalf of an employer, such as advertising vacancies and shortlisting applicants.

Turning waste materials into new materials or products.

The loss of a job because the business no longer needs that role.

Information provided by someone who knows an applicant professionally about their abilities, work ethic and suitability for a job.

The ability of a product or service to perform as expected without failures.

Working away from the business’s usual premises while using technology to communicate and access work.

Energy obtained from naturally replenished sources, such as sunlight, wind and flowing water.

A group selected for research that reflects the relevant characteristics of the wider population being studied.

The opinions people hold about a business, based on their experiences and information about it.

Bringing business activities previously moved overseas back to the home country.

Something a business needs to operate, such as workers, materials, premises or equipment.