Mr Wills AQA Business Studies Keywords

Someone who sets up a business idea

High market share in a fast-growth market

Attempts to maintain the sales of a product and prevent it from entering the decline stage of the product life cycle.

What we would like to satisfy our needs

A general goal of a business.

The different areas in a business which makes everything run smoothly

Methods used by businesses to make products stand out

Otherwise known as the 4Ps. (Product, price, place and promotion).

A specific target that is set for a business to achieve.

This refers to the different ways in which a firm tries to communicate with its customers.

This is a group of customers to which a business intends to sell its products

Uses data gathered for the first time. Also known as FIELD research

Non physical (intangible) product that provides something of use. Once you stop paying, the service is over.

This refers to variations of a single product that are made in order to create similar yet distinctly different products

Something that has to be fulfilled in order to survive

Research designed to discover numerical information relating to a market

The total number of product lines and individual products or services offered by a company

This relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them

Uncovers reasons behind the buying decisions of people and organisations

Product sold at a loss in the hope that the customer will buy other items from the business where they make a profit

The ability to be an entrepreneur

A type of business that has 2 or more owners.

Someone who owns “part” of a business

A percentage value added on to the cost of producing a product or service

Pricing where products are priced by covering the cost of it to the retailer and adding a percentage on top

A group of buyers with similar needs within the market

The collection of products that a firm produces

This measures the number of items sold

A way of analysing the market

How consumers perceive a product or group of products

Shows how the sales of a product may change over time

The process of gathering, analysing and processing data relevant to the business

Physical (tangible) product that can be bought and used. Once paid the good is yours to keep

This occurs when a market is divided into different groups of needs and wants

A physical product (tangible) that a business sells

Matching the price that competitors charge

Any person or organisation with an interest or that is affected by the activities of a business (positive or negative)

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The understanding of a product that employees require to be able to provide sufficient information to possible buyers

The business owner or owners are personally responsible for all of the debts of the business, no matter what the value.

Written to avoid disagreements. Without this profits must be shared equally between owners

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Someone who sets up and runs a business on their own

A small group of people selected to give their views on a particular business issue, such as brand image

A non physical (intangible) item that cannot be touched, e.g. financial advice

Setting a high price for a product when it first enters the market, then slowly reducing over time

An aspect of a product which makes it unique as rival products do not have it

A document setting out what a business does and what it hopes to achieve in the future

A business set up to meet the needs of a community

a person who sets up a business or businesses, taking on financial risks in the hope of profit

High market share in a fast-growth market

High market share in a fast-growth market

The combination of promotional methods used by a business to communicate with its customers

A physical product (tangible) that a business sells

A sum of money paid regularly (typically annually) by a company to its shareholders out of its profits (or reserves)

Low market share in a low-growth market

The alternative that is given up whenever a decision is made

Launching a new product at a low price to achieve fast sales

This occurs when someone gives up something in return for something else

Uses data that has already been collected by another party

This measures the revenue generated

The process of producing a business plan