Edexcel GCSE Business Studies 3.2 Key Terms

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  • Created by: Bonnie
  • Created on: 27-03-14 15:35
Design Mix
The range of variable which contribute to successful design: they are function, cost and appearance.
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Stocks
Materials that a business holds. Some could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to the customers.
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Maximum stock level
The highest amount of stock to be kept by a business.
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Re-order level
The amount of stock held by a business at which an order for new stock is placed with suppliers.
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Buffer stock level/Minimum stock level
The lowest amount of stock to be kept by a business.
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JIT (Just in time)
A stock management system where stocks are only delivered when they are needed by the production system, and so no stocks are kept by a business.
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Quality
Achieving a minimum standard for a product or a service, or a production process which meets customers' needs.
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Quality control
Ensuring that a product or service meets minimum standards, often through testing of sample products once they have been made.
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Quality assurance
Ensuring that quality is produced and delivered at every stage of the production process, often through making quality the responsibility of every worker.
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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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Innovation
The process of transforming inventions into products that can be sold to customers.
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Sales of good legislation
Gives customers rights to compensation of a product they bus us not of merchantable quality, not as described or not fit for purpose.
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Trade descriptions legislation
Makes businesses liable for prosecution and fines if products are sold in a misleading way.
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Productivity equation
total output / number of workers = productivity
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Other cards in this set

Card 2

Front

Materials that a business holds. Some could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to the customers.

Back

Stocks

Card 3

Front

The highest amount of stock to be kept by a business.

Back

Preview of the back of card 3

Card 4

Front

The amount of stock held by a business at which an order for new stock is placed with suppliers.

Back

Preview of the back of card 4

Card 5

Front

The lowest amount of stock to be kept by a business.

Back

Preview of the back of card 5
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