Business Studies

Key Terms

HideShow resource information


Information gathered for a specific purpose through direct investigation.

1 of 52


Information that already exists.

2 of 52


Part of a market that contains a group of buyers with similar buying habits.

3 of 52


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

4 of 52


Data about opinions, judgements and attitudes.

5 of 52

Socio-economic groups

The classing for the sort of people the products are aimed at.

6 of 52

Brand loyalty

Keeping with the same brand of product.

7 of 52

Product life cycle

Introduction: The introduction of the product.

8 of 52

Product life cycle

Growth: More people start to buy the product.

9 of 52

Product life cycle

Maturity: Lots of people have the product.

10 of 52

Product life cycle

Decline: The sales start to decrease/ decline.

11 of 52

Product life cycle

Extension strategy: A strategy to extend the products life.

12 of 52

The Boston Matrix

Stars: High market share and lots of sales.

Yellow Star Clip Art (

13 of 52

The Boston Matrix

Problem children: Low market share with low sales but high potential.


14 of 52

The Boston Matrix

Cash cows: High market share, low growth market.


15 of 52

The Boston Matrix

Dogs: Low market share, low market growth.


16 of 52


Unique Selling Point.

17 of 52


Each product can be used for a different purpose.

18 of 52


Brand symbol.

19 of 52


Company name.

20 of 52


Make the product affordable to the target market. (amount the product is being sold for).

21 of 52


Is aimed at a certain audience and is to the customers need. (the item being offered to the public).

22 of 52


Easily accessible for the customer.

23 of 52


Getting the product out there and known.

24 of 52

Customer expectations

The customer needs and wants out of a product.

25 of 52


How well a product appeals to the senses.

26 of 52


Granted by the government meaning no-one can copy your invention for a number of years.

27 of 52

Buffer stock

The lowest amount of stock a business will hold.

28 of 52


A business that sells goods to the customer.

29 of 52


The amount of resources a company has at one time e.g. raw materials, work in progress, finished product.

30 of 52

JIT- Just In Time

A stock management system where stocks are only delivered when they are needed and so no stocks are kept by the business.

31 of 52


The work environment and the product are good quality so they are willing to make the product to a high standard.

32 of 52

Quality control

Quality culture includes quality improvement measures as well as the individual and collective commitment to quality maintenance and improvement.

33 of 52


An agreement between customer and the business detailing conditions where the product will be fixed or replaces with no cost to the customer.

34 of 52


Machine operated.

35 of 52


The efficiency of a worker or business.

36 of 52

Customer service

The quality of the product or service provided to the customer.

37 of 52

Repeat purchase

The customer buys the same brand of product repeatedly.

38 of 52


Assurance to the customer that the product will last and work for the amount of time promised.

39 of 52


A company that has 25% or more of the market share.

40 of 52

Red tape

The collection or sequence of forms and procedures required to gain bureaucratic approval for something.

41 of 52

EU Grant

Money given to company/ industry from european union which does not need to be paid back.

42 of 52


Money left after paying all of the costs. The difference between revenue and costs.

43 of 52


Amount of money earned by a firm from selling its products/ services.

Calculation: Products sold X Price.

44 of 52

Breakeven point

The level of output where total revenues are equal to total costs; this is where neither a profit nor a loss is being made.

45 of 52

Breakeven chart

A graph which shows total revenue and total costs, allowing the break-even point to be drawn.

46 of 52

External finance

Finance which is obtained from outside the business such as bank loans and cash from the issue of new shares.

47 of 52

Internal finance

Finance which is obtained within the business such as retained profit or the sale of assets.

48 of 52

Organisational chart

A diagram which shows the internal structure of an organisation.

49 of 52

Centralised organisation

A type of business organisation where decisions are made at the centre of the organisation and then down the chain of command.

50 of 52

Decentralised organisation

A type of business organisation where decision-making is pushed down the hierarchy and away from the centre.

51 of 52


In work, the desire to complete a task.

52 of 52


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all resources »