Edexcel GCSE Business Studies 1.4 Key Terms

  • Created by: Bonnie
  • Created on: 27-03-14 15:24
Marketing Mix
The combination of factors which help the business to take into account customer needs when selling a product - usually summarised as the 4 P's, which are price, product, promotion and place.
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The amount of money customers have to give up to acquire a product.
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A good or service produced by a business or organisation and made available to customers for consumption.
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Communication between the business and customer, making the customer aware that the product is for sale.
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The way in which a product is distributed - how it gets from the producer to the consumer.
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Sole trader/Sole propreitor
The only owner of a business which has unlimited liability.
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Unlimited liability
A legal obligation on the owner of a business to settle all debts of the business. In law, there is no distinction between what the business owes and owns and what the business owner owes and owns.
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Limited liability
Where shareholders of a company are not personally liable for the debts of the company: the most that they can lose is the value of their investment in the shares of the company.
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Businesses whose shareholders have limited liability.
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Evidence of what has happened in the past; records could be kept in paper form or in computer files for example.
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HMR&C (HM Revenue and Customs)
The government authorities in the UK responsible for collecting tax.
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VAT (Value Added Tax)
A tax on the value of sales: it is paid by businesses to government.
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Income Tax
A tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their net earnings.
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NICs (National Insurance contributions)
A tax on the earnings of their workers; Employers' National Insurance contributions are paid by employers on the wages of their workers; employees and sole trader have to pay National Insurance contributions on their earnings.
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Corporation tax
A tax on the profits of limited companies.
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Customer service
The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations.
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Customer satisfaction
A measure of how much products meet customers' expectation.
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Repeat purchases
Orders or sales that occur from customers who have bought the product or service in the past.
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Job applicant
A person who shows they would like to be considered for appointment to a particular job with a business.
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Job description
Document that describes the duties of a worker and his or her statuses in the organisation.
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Person specification
A profile of the type of person needed for a job - their skills and qualities.
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Application form
Document to be filled in with personal details.
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Curriculum vitae
A brief list of the main details about a person, including name, address, qualifications and experience.
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In work, the desire to complete a task and meet the needs of the business consistently.
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Card 2




The amount of money customers have to give up to acquire a product.

Card 3




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Card 4




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