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

What is the purpose of a 'Curriculum Vitae'?

A document summarising personal details, qualifications, and experiences of an individual

A method of saving costs in an organisation by reducing the number of layers

Factors related to population, often used as a basis for segmentation

The use, appearance, and cost of a product

What does 'Decentralised' refer to in a business context?

A business structure where decision-making is spread out to include more junior managers

A method of saving costs in an organisation by reducing the number of layers

Factors related to population, often used as a basis for segmentation

The use, appearance, and cost of a product

What is 'Discrimination' in the workplace?

When an employer chooses its workers based on a particular characteristic

Sending messages using mobile or internet technology

Where businesses use computers in any way to improve their business performance

People appointed by the shareholders to run the company on a day-to-day basis

What is the definition of "E-commerce"?

Using the internet to promote and sell a good or service

The share of the profit received by a shareholder

How a product gets from the producer to the consumer

Measures of how much output is being produced per unit of input

What does "Efficiency" measure in a business context?

Measures of how much output is being produced per unit of input

The amount of foreign currency that can be purchased with another currency

The % employment rate in a country

The share of the profit received by a shareholder

What is an "Entrepreneur"?

An individual who takes a calculated risk in starting or running a business in return for making a profit

A regular publication sent electronically to customers

The business that runs a franchise in a specific territory or area

The seller of a right to operate a franchise

What are "Ethical objectives" in a business?

Where businesses have an aim what is morally right rather than necessarily the most profitable option

Quantifiable targets for a business including profit, sales and costs

Methods of prolonging the product life cycle to extend the life of a product

Factors that affect a business but they cannot control

What is meant by "External recruitment"?

Where a business aims to find new workers from outside of its current workforce

Sources of money from outside of a business

Growth which occurs by a merging with or taking over another business

The money that is necessary to start and run a business

What is the definition of 'globalisation'?

The increased integration of trade, finance, and communications between countries

The introduction of a new product or features on a product

The percentage cost of borrowing money or the reward for saving money

A business deciding whether it needs a worker and what type if required

What does 'gross profit' refer to?

The difference between revenue and cost of sales

The percentage profit made on sales

A business objective of increasing the amount or value of sales

Legal constraints that protect employees

What is 'internal finance'?

Where a business obtains funds from its own sources such as retained profits

Organic growth which takes place through a business selling more of its own products

Where a business aims to find new workers from within its current workforce

A means of connecting computer to computer to allow the transfer of information

What does 'job enrichment' involve?

Giving workers more responsibility or more complex and challenging tasks

An explanation of the roles and responsibilities of a job

Method of production where products are made individually

The different types of jobs people do in a business

The time between ordering a good or service and receiving it

The percentage profit made on sales

The introduction of a new product or features on a product

The increased integration of trade, finance, and communications between countries

What is the definition of "Overdraft" in a business context?

Source of finance for a business where it is allowed to take more money out of its account than it has deposited

A job where an employee will continue working for an indefinite period

The amount of money a customer would need in order to buy a good or service

The process of choosing a supplier

What does "Part-time working" mean?

Where an employee is employed for less than a whole week's work

The qualifications, skills, experience, and personal attributes needed for a job

The process which involves taking inputs and transforming them into outputs

A collection of individuals who have a common cause and campaign to achieve it

What is the purpose of "Post sales service"?

To follow up with a customer after they have made a purchase to check that everything is "ok"

To ensure that quality is achieved in production

To calculate the price at which a business chooses to sell its new or existing products

To gather first-hand information about existing and potential consumers

What is "Qualitative data" based on?

Opinions, attitudes, and beliefs

The amount of output per unit of input

The stages in the life of a product

The process of choosing a supplier

What is the definition of "Quantitative data"?

Results of market research that is normally numerical

A method of gaining market research data through asking the opinions of actual or potential customers

The inputs needed for the production of a good or service

A process a business undertakes to attract new or replacement workers

What does "Remote working" mean?

Where employees can be working normally at home away from their business’s location being linked through the internet

A process a business undertakes to attract new or replacement workers

The final part of the distribution process where the product is sold to the customer

A method of training and development where the employee works through a guided programme of information and activities

What is "Segmentation" in a business context?

A way of dividing up the market into different groups of potential customers

The income from sales; price x quantity sold

The details about a job and what it involves

Temporary deals to encourage customers to try a new product or a relaunched product