Business key terms

The total sales in a particular market over a given period, measured by value or volume.

An amount added to cost to set the selling price, often expressed as a percentage of that cost.

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

The greatest amount of stock a business plans or is able to hold in normal circumstances.

The buying and selling of goods and services using wireless mobile devices, such as smartphones and tablets.

An average calculated by adding all the values and dividing by the number of values.

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

An agreement between businesses to combine into one business.

A short statement expressing a business’s overall purpose or broad aims.

Carrying out work while travelling or at different locations, often using portable devices and internet access.

A market in which one business is the only supplier of a particular good or service.

A long-term loan used to buy property, secured against that property.

The willingness of employees to work hard for a business.

A business with operations, such as factories, offices or shops, in more than one country.

A business with operations, such as production or sales, in more than one country.

A person who poses as an ordinary customer and reports on their experience so a business can assess its service.

The higher statutory minimum hourly pay rate for eligible workers in the older age group. It is part of the legal minimum-wage system.

The legal minimum hourly pay for eligible workers, with different rates applying to different age groups and apprentices.

Something essential for living, such as food, shelter or necessary healthcare.

Total cash inflows minus total cash outflows during a period.

The profit remaining after operating expenses have been deducted from gross profit.

The percentage of revenue remaining as net profit: $\frac{\text{net profit}}{\text{revenue}}\times100$.

An additional joint owner who invests money in a partnership in exchange for a share of ownership and profits.

Creating a new good or service for sale, from developing an idea through designing and testing it to launching it.

A small, specialised section of a larger market serving customers with particular needs.

Unwanted or excessive sound that disturbs people or their surroundings.

A way of encouraging employees’ effort and commitment without directly rewarding them with money.

A business target whose main purpose is not financial gain, such as personal satisfaction or helping others.

An organisation whose main purpose is not to distribute profit to owners, but to pursue another purpose, such as a social aim. It may still earn a surplus to support its activities.

Something an individual, group or business aims to achieve.