OCR GCSE Business key terms

The percentage of employees who leave a business during a given period.

The time between placing an order with a supplier and receiving the goods.

A written message, often used for formal business communication, which can be posted or attached to an email.

A letter accompanying a CV or application form that explains why the applicant wants the job and is suitable for it.

An owner’s financial responsibility for the debts of a business.

A person’s way of living, including their activities, interests and values.

Protection that limits shareholders’ responsibility for company debts to their investment; their personal possessions are not normally at risk.

The ability of a business to meet its short-term debts and expenses using money that is readily available.

The people and organisations that live or operate in the area around a business.

The planning and management of acquiring, storing and moving goods to where they are needed, including arranging deliveries and returns.

A financial result in which a business's total costs exceed its total revenue over a period.

A product sold at a loss to attract customers who may also buy other, profitable products.

Information about customers, sales, competitors and the size or characteristics of a market, used to support business decisions.

The business function concerned with understanding and meeting customer needs, including through research, pricing and promotion.

The combination of product, price, place and promotion that a business uses to meet customer needs and achieve its objectives.

A specific goal that a business wants its marketing activities to achieve, such as increasing awareness or attracting repeat purchases.

A plan for reaching target customers and achieving marketing objectives, implemented through a coordinated marketing mix.

The range of potential customers a business can reach with its goods or services.

The collection and analysis of information about customers, competitors and markets to support business decisions.

A situation in which most potential customers who want a product already have it, leaving limited opportunities for further sales growth.

A group of customers within a market who share particular characteristics, needs or preferences.

Dividing a market into groups of customers with similar characteristics, needs or preferences.

The proportion of total sales in a market made by a particular business.

The amount added to a product’s cost to determine its selling price, often expressed as a percentage of that cost.

The stage when a product's sales are high but sales growth slows or levels off.

A gathering, in person or online, in which people discuss information, problems or decisions.

When two or more businesses combine to form a new business.