OCR GCSE Business key terms

A selection task completed by several applicants together while their performance is observed.

The stage when a product's sales increase rapidly as demand grows.

The levels of authority within a business, ranked from senior to junior positions.

The amount of paid annual leave a worker is entitled to take.

A merger or takeover involving businesses in the same industry at the same stage of production.

A country in which a foreign multinational company operates.

The business function concerned with managing employees, including recruitment, training and appraisal.

The part of a business responsible for identifying and meeting its workforce needs and managing employees.

A good or service bought from another country.

A tax charged on imported goods.

Money a person receives, for example from employment, which influences how much they can afford to spend.

The freedom to work for yourself and make decisions about your own business.

Training given to new employees to introduce them to their job, colleagues and the business’s procedures.

Putting a new idea into practical commercial use, including introducing a new product or improving an existing one.

A combination of product, price, place and promotion in which the four elements support each other and suit the target market.

Mutual reliance between parts of a business: each needs information, resources or support from others to achieve business objectives.

The charge paid for borrowing money.

A business between the producer and the final customer that helps distribute a product, such as a wholesaler or retailer.

Communication between people within the same business, such as managers and employees.

Information held within a business, such as sales figures, customer records and records of previous marketing campaigns.

Filling a vacancy with someone who already works for the business, often through promotion or redeployment.

An individual or group within a business, such as its owners or employees, that affects or is affected by its activities.

Using a recognisable business or product identity across national markets, with adaptations where needed.

A structured meeting in which an employer asks an applicant questions to assess their suitability for a job.

The stage when a product is launched and sales are usually low and grow slowly as customers become aware of it.

The creation of a new idea, product or technology that did not previously exist.

Money spent on an asset or project in the expectation of generating future benefits, such as additional profit.

A document setting out the features of a job, such as its duties, hours, location, responsibilities, pay and conditions.

A production method in which each product is made separately to meet an individual customer’s requirements.