GCSE Business Studies
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Someone who starts and runs a business taking on financial risks
Land and Labor and Capital and Enterprise
A document outlining business objectives and how they will be achieved
The process of gathering information about customers and competitors
Research conducted first-hand by the business itself
Research using data that already exists from other sources
Research that produces numerical data and statistics
Research that produces detailed opinions and feelings
The specific group of customers a business aims to serve
Dividing the market into groups of similar customers
Age and Gender and Income and Location
A business owned and operated by one person
A business owned by two or more people who share profits and losses
A company owned by shareholders with limited liability
A company whose shares can be bought and sold on the stock exchange
Protection for owners so they only risk the money they invested
When business owners are personally responsible for all business debts
Easy to set up and complete control and keep all profits
Unlimited liability and limited capital and long working hours
A business model where someone pays to use another company's brand and methods
The company that grants the franchise rights
The person who buys the franchise rights
Proven business model and training provided and brand recognition
The goals that a business wants to achieve
Aiming to make the highest possible profit
A business objective focused on staying operational
The percentage of total market sales that a business has
Increasing the size or scale of the business
A business's duty to consider its impact on society and environment
Anyone with an interest in or affected by a business
Shareholders and Employees and Customers and Suppliers and Local community
The difference between the cost of materials and the selling price
Improving quality and branding and customer service and convenience
Planning and Organizing and Leading and Controlling
A leadership style where the leader makes all decisions
A leadership style involving employees in decision-making
A leadership style where employees have complete freedom
The drive to work hard and achieve goals
Theory showing five levels of human needs from basic to self-actualization
Basic factors that prevent dissatisfaction but don't motivate
Factors that actually motivate employees like recognition and achievement
Pay rise and Bonus and Commission and Profit sharing
Recognition and Job rotation and Training and Flexible working
The process of finding and attracting suitable job candidates
The process of choosing the best candidate from those recruited
Filling vacancies with existing employees
Filling vacancies with people from outside the organization
Document outlining the main duties and responsibilities of a job
Document outlining the skills and qualities needed for a job
The process of teaching employees new skills
Training that takes place at the workplace while working
Training that takes place away from the normal workplace
Increased productivity and employee motivation and reduced accidents
The process of identifying and satisfying customer needs profitably
Product and Price and Place and Promotion
Making a product different from competitors' products
The stages a product goes through from launch to withdrawal
Development and Introduction and Growth and Maturity and Decline
A name or symbol that identifies a product or company
Customer loyalty and premium pricing and easier product launches
Setting a high price initially then lowering it over time
Setting a low price to gain market share quickly
Setting prices based on competitors' prices
Adding a fixed percentage profit to the cost of production
Costs and Competition and Demand and Product life cycle stage
Communication used to inform and persuade customers to buy
Advertising and Sales promotion and Public relations and Personal selling
Paid communication through media to promote products
Short-term incentives to encourage purchase
Managing the company's image and reputation
Communicating directly with individual customers
How and where products are made available to customers
The route a product takes from producer to consumer
Selling products straight from producer to consumer
Selling products through intermediaries like retailers
Buying and selling products online
Lower costs and wider market reach and 24/7 availability
The movement of money into and out of a business
Prediction of future cash receipts and payments
Businesses need cash to pay suppliers and wages and expenses
Late payment by customers and seasonal demand and over-expansion
Offer discounts for early payment and factor debts and lease rather than buy
The total income received from sales
Revenue = Price × Quantity sold
Costs that don't change with output level
Costs that change directly with output level
Fixed costs plus variable costs
Revenue minus total costs
Revenue minus cost of goods sold
Gross profit minus expenses
The level of sales where total revenue equals total costs
The difference between actual sales and break-even sales
Break-even = Fixed costs ÷ (Selling price per unit - Variable cost per unit)
Where businesses can obtain money for operations and investment
Personal savings and Retained profit and Sale of assets and Working capital
Bank loans and Mortgages and Venture capital and Crowdfunding
Borrowing a fixed amount repaid with interest over time
Short-term borrowing allowing negative bank balance
Delaying payment to suppliers for goods received
Selling debts to a factor for immediate cash
Investment in new businesses in exchange for shares
Raising small amounts from many people online
Amount needed and Time period and Cost and Control
The process of turning inputs into outputs
Making individual products to customer specifications
Making groups of identical products
Continuous production of identical products
Lower unit costs and consistent quality and high output
Checking products meet standards after they are made
Building quality into the production process from the start
Approach where everyone is responsible for quality improvement
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