OCR GCSE Business key terms

Selling through direct, in-person interaction between a customer and a business representative.

A certification scheme identifying products sourced according to standards intended to support responsible production and fairer treatment of producers.

A response to a message that helps the sender check understanding or learn about concerns and suggestions.

The business function that manages money, monitors financial performance and helps ensure funds are available to meet business needs.

The area of a business that manages financial matters and provides financial information to support planning and decision-making.

An estimate of a future financial outcome, such as sales, costs or movements of money into and out of a business.

A reward with monetary value intended to encourage employees to work harder or more effectively.

Numerical information about a business’s money and financial performance, such as revenue, costs, profit and cash flow.

A measurable financial result that a business aims to achieve within a specified period.

A cost that does not change with output within a given range, such as rent.

An organisational structure with relatively few levels in its hierarchy.

An arrangement allowing variation in when, where or how working hours are organised.

A flexible working arrangement in which employees choose some of their working times, usually around compulsory core hours.

The process of offering a company’s shares for sale on a stock market.

A production method in which items move continuously through a sequence of operations, usually on a production line.

A small-group discussion led by a researcher to explore potential customers’ opinions, feelings and preferences.

The number of people passing through or visiting a particular location.

An estimate of a future outcome based on available information and assumptions.

Vertical integration towards a later stage of the supply chain, such as a manufacturer taking over a retailer.

A small quantity of a product given without charge so that customers can try it before buying.

An additional reward with monetary value provided alongside an employee’s normal pay, such as private healthcare or a company car.

Working the normal number of weekly hours that an employer considers a full working week, commonly around 35–40 hours.

A department or part of a business that carries out specialist tasks, such as marketing, operations, finance or human resources.

A customer need or want that existing businesses do not adequately satisfy.

The increasing connection of countries and their economies through activities such as international trade and business investment.

A physical, tangible product, such as a bicycle or a T-shirt.

Revenue remaining after the direct costs of producing the goods or services sold have been deducted.