OCR GCSE Business key terms

A promotional activity used where customers buy products, intended to attract attention and encourage purchases.

Harmful contamination or disturbance of the environment, including air and water contamination and excessive noise.

An expression of approval or appreciation for an employee’s work, given formally or informally.

A price set towards the higher end of the market to reflect or reinforce a product’s perceived quality and value.

An organised delivery of information to an audience, often combining speech with visual material.

A group that campaigns to influence decisions or behaviour on a particular issue.

The amount of money a customer pays for a good or service.

A promotional offer that lowers a product’s normal selling price.

Setting a high initial price for a new product, then gradually lowering it.

An approach a business uses to decide the selling price of a product.

New information collected directly for a business’s particular research purpose.

A company owned by shareholders whose shares cannot be offered for sale to the general public.

An incorporated business owned by shareholders, with limited liability, whose shares cannot be offered for sale to the general public.

The business activity of obtaining the goods and services a business needs from suppliers.

A good or service that a business offers to meet customer needs or wants.

The process of developing a product’s features, how it works and its appearance, taking account of customer needs and production costs.

Making a product distinctive from competing products in ways that customers value.

The transformation of resources, such as materials and labour, into finished goods or services.

The amount of output produced relative to the inputs used, such as output per worker per hour.

An understanding of the goods or services a business sells, including their features, uses, suitability and limitations.

The stages a product passes through from its launch to its eventual decline in sales: introduction, growth, maturity and decline.

The range of products or services offered by a business.

Action to retrieve a product from customers because a problem, such as a safety risk, has been identified.

An item sent or taken back to a seller by a customer, for example because it is faulty or unsuitable.

The requirement that a product presents no risk, or only a minimum acceptable level of risk, during normal or reasonably foreseeable use.

The amount remaining when a business's total costs are deducted from its total revenue.

A business’s ability to earn revenue greater than its costs.