Loading…
Loading…
GCSE Business · key term
The opinions people hold about a business, influenced by experiences, recommendations and reviews.
Used by AQA, Edexcel and OCR
Paper 1
The views people hold about a business, influenced by experiences, reviews and what others say about it.
Revise: Consequences of Quality IssuesNegative reviews and word of mouth can also discourage people who have never bought from it. This damages reputation, reduces repeat purchases and can send customers to competitors.
Specification 2.3.2 · Paper 2
Develop consequences into a chain: faulty goods → replacement costs and lost sales → lower profit, rather than simply stating ‘poor reputation’.
Develop consequences rather than listing them: late components can stop production, delay customer orders and damage the business’s reputation.
Explain a chain of effects: safety checks increase operating costs, which may reduce profit in the short term, but can prevent costly recalls and protect reputation.
Create a free account to read GCSE Business revision notes for your exam board and track your progress.
The opinions people hold about a business, based on its behaviour and performance.
Reputation: consistently supplying suitable products on time helps a business become known as dependable. Repeated shortages, faults or missed deliveries can create a reputation for unreliability, even when the original problem occurred at a supplier.
Paper 2
Revise: Importance of QualityA business’s reputation is what people think about it. Consistently meeting customer expectations can build a reputation for quality because customers learn that the business delivers what it promises.
The opinions people hold about a business, based on their experiences and information about it.