Business Definitions

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  • Created by: KitChrisJ
  • Created on: 30-03-16 09:20
(a) What is meant by ‘market research’?
[2] Clear understanding [2]: e.g. process of finding out what consumers want or need before a product is made [2]/process of gathering primary and secondary data on the buying habits and attitudes [1] of
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(a) What is meant by ‘batch production’?
Clear understanding [2]: e.g. products are made in groups [1] of items of a certain amount, usually to meet a specific order/as orders come in OR identifies two distinctive features of batch production. Some understanding [1]: identifies one di
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(a) What is meant by ‘public limited company’?
(a) What is meant by ‘public limited company’? [2] Clear understanding [2] e.g. a company whose shares can be sold on the stock exchange OR identifies specific features of public limited company e.g. shares issued to and owned by public/shares
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(a) What is meant by ‘organisational structure’?
Clear understanding [2] e.g. the number of levels of management and division of responsibility/authority within a business [2]/staff and their positions in relation to each other [2]. Some understanding [1] e.g. how many levels in a business/Sh
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What is meant by a ‘job description’?
Clear understanding [2] outlines the responsibilities and duties [1] expected to be done by someone employed to do a specific job [+1]. Some understanding [1] e.g. what have to do for a job. Some understanding plus example can gain 2 marks.
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(a) What is meant by a ‘recession’?
a general slowdown in economic activity [2] Some knowledge [1] – e.g. fall in output [1] or identifies one or more characteristics such as rising unemployment
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What is meant by the term ‘niche market’?
For 2 marks must have reference to idea of ‘small part of market’ and ‘specialised’. Niche market is a specialised sub-part of a larger market with specific characteristics [2]. Some understanding [1] e.g. small part of a market [1]. Do not
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a) What is meant by the term ‘fixed assets’?
Assets that are owned by a business [1] and are held for a period of time (usually in excess of a year) [2]. Some understanding [1] e.g. ‘things that are owned’. Some understanding plus example e.g. buildings can gain 2 marks. Do not credi
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What is meant by the term ‘organisational structure’?
Clear understanding of term [2] e.g. refers to level of management and division of responsibilities within an organisation/shows the roles of people in an organisation and the relationship between them. Some understanding [1] e.g. ‘how a busin
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What is meant by ‘communication in the business is poor’?
Clear understanding [2]: communication refers to the process by which information is exchanged between one group and another [1]. If it is poor this process is not functioning effectively [+ 1]. A one-mark answer will refer only to communicat
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What is meant by the term ‘market leader’?
Clear understanding [2] e.g. business with largest percentage of total sales revenue/share of the market [in terms of sales, revenue or output] or biggest share of market. Some understanding [1] e.g. largest business in market/big market share/
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What is meant by a ‘financial benefit’?
Clear understanding [2]: e.g. monetary benefit [1], internal to the business [+1], profit business makes [2]. Some understanding [1]: e.g. a benefit received by a business [1] or money benefit e.g. profit/money/cost saving, but no indication a
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Card 2

Front

(a) What is meant by ‘batch production’?

Back

Clear understanding [2]: e.g. products are made in groups [1] of items of a certain amount, usually to meet a specific order/as orders come in OR identifies two distinctive features of batch production. Some understanding [1]: identifies one di

Card 3

Front

(a) What is meant by ‘public limited company’?

Back

Preview of the front of card 3

Card 4

Front

(a) What is meant by ‘organisational structure’?

Back

Preview of the front of card 4

Card 5

Front

What is meant by a ‘job description’?

Back

Preview of the front of card 5
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