Edexcel (9-1) Business Key Terms (1)

What is the definition of "Adding value" in a business context?

• The attractiveness of the design of a product

• How a business sells a product for more than it costs through the processes they apply

• The independence a worker has within their job

• The overall goals of a business or organisation

Which term describes the promotional method where a business pays to place an advert in media?

• Branding

• Application form

• Advertising

• Autonomy

What does "Aims and objectives" refer to in a business setting?

• The attractiveness of the design of a product

• The overall goals of a business or organisation

• The independence a worker has within their job

• A method of applying for a job

What is "Buffer stock" used for in business operations?

• To safeguard against unforeseen shortages or demands

• To predict future cash flow

• To display data on stock levels

• To identify business objectives

What is the purpose of a "Business plan"?

• To show the attractiveness of a product's design

• To outline the objectives and how they will be met

• To predict cash flow

• To determine the independence of workers

What is the term for the extra amount of pay workers receive as a percentage of their or the business’s sales?

• Commission

• Consumer income

• Cost plus

• Customer satisfaction

Which term describes how messages are passed within a business or from a business to its customers?

• Communication

• Customer feedback

• Consumer rights

• Digital technology

What is the definition of 'Competitive advantage'?

• A business has a marketing mix which enables it to be more successful than its competitors

• The number and strength of other businesses in the same market

• Where the price of a product is decided by comparing it to its rivals

• How much money consumers have to spend on their needs and wants

What does 'Consumer law' protect?

• Legal constraints that protect the consumer from unfair business practice

• The level of spending that consumers undertake related to their income

• A pricing method where a business decides what price to charge

• Finance raised through internet appeals from a large number of small investors

What is 'Crowd funding'?

• Finance raised through internet appeals from a large number of small investors

• A document summarising personal details, qualifications, and experiences

• Communicating with customers in a positive way

• Enquiries made after a sale to show how a good, a service or the sales process could be improved