The wants and desires of buyers of a product or the customers of a business.

Research involving asking questions of people or organisations.

Those who provide data for a survey usually by answering questions in a questionnaire or interview.

Information about opinions, judgements and attitudes.

When the price is very important in the decision about whether or not to buy.

Data that can be expressed as numbers and can be statistically analysed.

A business which sells (or supplies) products to another business.

Information about opinions, judgements and attitudes.

Information about opinions, judgements and attitudes.

Data that can be expressed as numbers and can be statistically analysed.

Occurs when no business is currently serving the needs of customers for a particular product.

A group of similar products made by a business like a number of different soap products.

The idea/ impression/ image that customers have in their minds about the brand.

Occurs when no business is currently serving the needs of customers for a particular product.

Part of a market that contains a group of buyers with similar buying habits, such as age or income.

The right given by one business to another to sell goods or services using its name.

The idea/ impression/ image that customers have in their minds about the brand.

The line through the hierarchy that shows who is responsible for whom from top to bottom of an organisation.

Setting the price of a product so that it is in line with competitors’ prices.

The money spent by households on goods and services to satisfy their needs and wants.

Individuals, businesses or organisations that purchase goods/services and make decisions about which supplier to choose.

A person who owns and runs their own business and takes risks.

The chance of damage or loss occurring as a result of making a decision.

The right given by one business to another to sell goods or services using its name.

Physical, tangible products like a car, a pair of scissors or a television set.

When the price is very important in the decision about whether or not to buy.

Right of ownership of an invention or process when it is registered with the government.

Setting the price of a good or service at an amount higher than the cost of producing it so that a profit is made.

The reorganisation of the organisation’s employees so that there are fewer levels of management.

Allocating a task to someone who would not normally be responsible for it.

A legal document that sets out the terms and conditions of the job for the employer and the employee.

Individuals who work full time or part time for the business; they have a contract of employment detailing their duties and rights.

Individuals, businesses or organisations that purchase goods/services and make decisions about which supplier to choose.

A business which sells (or supplies) products to another business.

The person who ultimately uses (or consumes) a product.

Whether customers are pleased with the goods/services they receive; whether they would purchase again.

A willingness by an individual or a business to take risks, show initiative and undertake new ventures.

The likelihood that past customers will continue to buy from the business, enhanced by high quality customer service and/or reward programmes.

The process of transforming inventions into products that can be sold to customers.

The number of items or products or services sold by a business over a period of time.

Business transactions carried out electronically on the internet.

The flow of cash into and out of a business

When a business can no longer pay its debts

The owners of a company

The way in which a product is distributed – how it gets from the producer to the consumer

When shareholders of a company are not personally liable for the debts of the company

A legal obligation on the owner of a business to settle (pay off) all debts of the business.

A tax on the profits of limited companies.

Businesses whose shareholders have limited liability.

The only owner of a business which has unlimited liability.

The economic activity carried out by people and businesses in a country

An individual or a group which has an interest in and is affected by the activities of a business

A person who has the vision to use initiative to make business ideas happen, managing the resources and risks.

The people who are elected by the shareholders to run the business on their behalf.

Sets out the duties and responsibilities of both employers and employees for health and safety in the workplace.

Individuals who work full time or part time for the business; they have a contract of employment detailing their duties and rights.

The price of one currency based on another or the cost of buying one currency from another, for example £1 = $1.21.

Good/service sold to a customer in another country.

The elements that combine in the production process: land, labour, capital and enterprise.

The costs that stay largely the same, regardless of the business’ output.

The process of determining what the job entails, including responsibilities and tasks.

Sets out the duties and responsibilities of both employers and employees for health and safety in the workplace.

Protects people from discrimination in the workplace and in wider society. It sets out the different ways in which it is unlawful to treat someone.

A brief list of the main details about a person, including name, address, qualifications and experience.

A summary of what the job entails, including job title, duties and who they are responsible for/to.

Testing/examining items to check that materials or items conform to the specified requirements/standards.

Training given to a new employee when they start a new job; it provides information about the business, its operation and working practices.

The extent of the owner’s/owners’ responsibility for the debts of the business.

A business that is owned by shareholders. Anyone can buy shares in the business. Shareholders have limited liability.

A business that is owned by shareholders; the shares are not available to the general public. Shareholders have limited liability.

The only owner of a business which has unlimited liability.

A loan where property is used as security.

A business that is owned by shareholders. Anyone can buy shares in the business. Shareholders have limited liability.

A business that is owned by shareholders; the shares are not available to the general public. Shareholders have limited liability.

A business that is owned and operated by a group of between 2 or more people.

A plan for the development of a business giving forecasts such as sales, costs and cash flow

Businesses that serve their customers directly must be located close to those customers.

Getting the money to pay for starting the business or for developing it.

The range of products offered by a business.

The conversion of waste into reusable material.

When the raw materials that are available are not sufficient to meet needs.

The possibility that the return on investment will be lower than expected.

The process of hiring a new employee.

The conversion of waste into reusable material.

A business that is owned and operated by one person.

Those people who own shares in a limited company; each shareholder is a part owner of the business.

The number of people for whom a manager is directly responsible.

Those with an interest in the way that a business operates.

Those with an interest in the way that a business operates.

Those people who own shares in a limited company; each shareholder is a part owner of the business.

New shares in a business made available for the public to buy.

An action that is carried out to fulfil a need or demand in return for payment.

One business takes control of another.

The amount consumers are willing and able to buy at any given price.

The process of operating without damaging the environment or depleting natural resources.

The process of buying items from a supplier and paying for them later; for example, 30 days after invoice date.

Protecting customers from false or misleading descriptions about products or their prices.

Things that people would like to have; not limited to the things they need to survive.

Personal recommendations from satisfied customers to prospective customers.

The particular group of customers to which a business aims to sell its product; a particular market segment.

Protecting customers from false or misleading descriptions about products or their prices

The amount of buying and selling that takes place in a period of time.

A situation when the level of economic growth is negative for two successive quarters.

A measure of how much products meet customers’ expectations.

Negative criticism from dissatisfied customers

Personal recommendations from satisfied customers to prospective customers.

A manager giving instructions to an employee

A customer asking an employee for help

The rate at which prices are increasing.

A market for buying and selling shares of public limited companies

Set up to achieve objectives other than profit, for example a charity

The cost of borrowing money or the reward for saving money, expressed as a percentage.

A market for buying and selling shares of public limited companies

A business that has its own legal identity; it can own items, owe money, sue and be sued

Someone who sets up in business on his or her own

The financial rewards paid out to shareholders each year

The gradual heating of Earth’s surface, oceans and atmosphere

Whether a business decision is thought to be morally right or wrong

Measures the difference between the values of a business’s revenue (sales) and its total costs

Those products whose sales are sensitive to changes in consumers’ incomes

A set of rules that governs the way society operates

A group of workers who act together to improve their pay and working conditions

Treating one person differently from another without having good reasons to do so

The range of factors which influence the way a person behaves at work

When more than one business is attempting to attract the same customers

When a business does not face any competition in a particular market

When a business starts selling products in new markets

Laws that have been introduced to prevent businesses from treating their customers unfairly

Where there are buyers and sellers

The percentage of sales in a particular market recorded by one business

When a business does not face any competition in a particular market

An approach to production that aims to minimise waste

Charging lower prices than competitors

When a business starts selling products in new markets

Charging higher prices than competitors

Selling the same products to the same market

The part of a business’s activities that is concerned with meeting customers’ needs as fully as possible

The act of buying or selling a product using an electronic system such as the internet.

An employee’s immediate superior or boss

The exchange of information between two or more people

Exists when two or more employees agree to share the responsibilities of a single job.

Takes place when an employee works for fewer than the normal number of working hours per week

Allows employers to hire staff without any guaranteed hours of work

Occurs when someone works a number of hours equal to the normal working week, normally between 35 and 40 hours

Short-term incentives to encourage customers to buy

The different ways in which a firm tries to communicate with its customers

Money put into a business by its owner or owners

How the ownership of a product passes from the producer to the final customer

A manufacturer that makes the product

Shops that sell direct to the customer

Break bulk; they buy in large quantities from a producer and sell to retailers

Something that is owned by a business; examples include land, buildings, vehicles and machinery

Occurs when a market is divided into different groups of needs and wants

A group of people with similar needs / characteristics

The process of gathering and analysing data that helps to better understand potential customers

Someone who buys a product from a business