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GCSE Business Edexcel > Key Terms Theme 2 > Flashcards

Key Terms Theme 2 Flashcards

1
Q

Research and development

A

Research into new products or processes and developing the ideas that are generated from research

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2
Q

Innovation

A

The act of creating new products or processes

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3
Q

E- Commerce

A

Using the internet to carry out business transactions

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4
Q

Merge

A

When two or more businesses join together to operate as one business

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5
Q

Takeover

A

When one business buys another business and incorporates it into their own business

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6
Q

PLC

A

Public limited company
Can sell shares to the company

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7
Q

Multinational

A

A business with operations in more than one country
Aka a multinational corporation

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8
Q

Assets

A

Items owned by a business such as premises, equipment or stock

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9
Q

Interest

A

The cost of borrowing , or a percentage of the amount of money borrowed to the original amount borrowed

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10
Q

Secured

A

Guaranteed, because if the business fails to pay back the money the bank can take the asset and sell it.

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11
Q

Dividends

A

A percentage of a business’s profits that is paid to shareholders as a reward for their investment in the business

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12
Q

Stock market flotation

A

The process of changing a business to a PLC by issuing shares for a sale on a stock exchange

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13
Q

Stock exchange

A

A place where shares in PLCs can be bought and sold

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14
Q

Degree of competition

A

The number and size of business competing in a particular market

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15
Q

Market share

A

The proportion of sales in a market that are taken by one business

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16
Q

Culture

A

The general attitudes, behaviour and beliefs of a business and it’s general workforce.

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17
Q

Retrenchment

A

When a business downsizes the scales if it’s operations by reducing the number of employees or closing down less profitable branches

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18
Q

Organisational structure

A

The way in which the workforce is organised, usually a hierarchy with people reporting to mangers all the way up to the CEO

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19
Q

Product portfolio

A

The range if goods and services offered by any one business
🟡promotional campaigns can be made more effectively to advertise a range of products
🟡customer / brand loyalty can be encouraged to buy different products

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20
Q

Globalisation

A

Hen businesses operate on an international scale and gain international influence or power

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21
Q

Imports

A

The flow of goods and services into a country from another country

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22
Q

Exports

A

The flow of goods and services out of a country to another country

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23
Q

Domestically

A

at home or within a business’s home or country

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24
Q

Tariff

A

A tax imposed by a country in imported and exported goods and services

  • aimed to reduce the demand for imported goods, and therefore increase the demand for exported goods
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25
Q

Protectionist measure

A

an action taken by a government to reduce the flow of imports into the country

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26
Q

Trading bloc

A

A group of countries that agree to act together to promote trade between themselves
* encouraging trade between certain countries

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27
Q

Localise

A

Adapted to suit the local area and it’s needs, particularly in terms of culture, language or geographical location

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28
Q

Ethics

A

Moral principles of moral standards that guide the behaviour of a person or a business

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29
Q

Stakeholder

A

Anyone who has interest in the activities of a business, such as it’s workers, it’s suppliers and the government

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30
Q

Trade off

A

A balance between two different or opposing objectives, such as making a profit and spending money on ethical activities that will enhance the business’s reputation

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31
Q

Profit margin

A

The proportion of revenue left over after costs have been deducted

32
Q

Sustainability

A

Acting your ensure that natural ewig es are used responsibly, to protect the environment for future generations

33
Q

Finite resources

A

A source that doesn’t renew itself quickly enough to meet societ’s consumption

34
Q

Green audit

A

a detailed review of a business’s impact on the environment, either conducted by the business itself or by an independent organisation

35
Q

Pressure group

A

A group of people who join together, who try to influence government policy or a business policy for a particular cause

36
Q

Boycott

A

Refusal to buy or interact with a particular business or organisation

37
Q

Viral marketing

A

Using online Channels or social media to spread a campaign message by encouraging people to share is with their friends

38
Q

Lobbying

A

Trying to influence businesses or other organisations

39
Q

What is the importance of differentiating a product/service?

A
40
Q

Pricing strategies

A

🟣high volume pricing strategy
🟣high margin pricing strategy

41
Q

Aesthetics

A

The visual attractiveness of somthing

42
Q

Viable

A

Cable of working or succeeding

43
Q

Product portfolio

A

The range of goods and services öfters by a business

44
Q

Economies of scale

A

Average cost of unit decreases as business increases the amount of product that it produces, distributes and sells

45
Q

Mass market

A

A large market where customers have similar needs and characteristics

46
Q

Generic

A

A characteristic relating to an entire group, not specific

47
Q

Nice market

A

Customers have very specific needs and characteristics

48
Q

Emotive language

A

Language intended to addict people At an emotional level

49
Q

Medium

A

The way in which something can be communicated

50
Q

Stock

A

The products held by a business in a shop or a warehouse for sale to customers

51
Q

Viral advertising

A

Advertising using social networking to increase sales or boost brand awareness

52
Q

E- Commerce

A

Using the internet to carry out business transactions

53
Q

Retailing

A

Selling products or services to customers (in a physical shop)

54
Q

E -tailing

A

Retailing to customers through the internet, such as E commerce website

55
Q

Markup

A

The amount of money added to the cost price of a product or service to make the final retail price

56
Q

Patent

A

A Legal protection of an invention , design or idea , meaning that it is illegal for another company to copy it

57
Q

Bespoke

A

Designed and made for an individual customer

58
Q

Procurement

A

The process of managing a business’s major purchases from raw materials to delivery vans

59
Q

What happens if a supplier is unable to supply stuff on the right time of right quantity?

A

🟢staff unable to complete orders, unsatisfied customers with customer service , loss of reputation for business

60
Q

What is the role of procurement (relationship with suppliers?

A

cost- variable costs for business, larger profit margins
, delivery-speed and cost,
quality of goods provided, customers happy and satisfied, reputation of business
availability, if can meet depending of fluctuating demand, otherwise cannot meet customer needs , trust levels)

61
Q

Variable costs

A

The costs paid by a business that change depending on how many products or services the business sells

62
Q

Logistics

A

The organisation and management within a business of the transport of raw material and goods

63
Q

Perishable

A

Likely to go out of data or go off quickly

64
Q

Cost of sales

A

The direct costs of purchasing raw materials and manufacturing finished products

65
Q

Profit margin

A

The percentage of profit from the revenue

66
Q

Inflation

A

A Gera mal increase in prices over times

67
Q

Layers

A

(Organisational structure)
Levels of job roles within the business

68
Q

Span of control

A

The number of employees managed by a manger

69
Q

Accountability

A

Being responsible for some and their actions

70
Q

Freelancer

A

Someone who is self employed and contracted by businesses to work for them

71
Q

Salary band

A

A range of possible salaries for the role being advertised

72
Q

Productivity

A

How much work a business is able to complete

73
Q

Legislation

A

Laws set by government that country as a whole must comply

74
Q

Motivation

A

The reasons for behaving a particular way
Employee working well , increasing their productivity

75
Q

Autonomy

A

Independence or freedom to make your own decisions

76
Q

Job satisfaction

A

Achievement or fulfilment received from job

GCSE Business Edexcel (9 decks)

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