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Business studies GCSE Exam Questions And Correct Answers 100% Verified Latest Update
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Business studies GCSE Exam Questions And Correct Answers 100% Verified Latest Update...
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Business studies GCSE Exam Questions And CorrectAnswers 100% Verified Latest Update
TQM (Total Quality Management) - ANSWER Everybody is responsible for quality all of
the time
quality control - ANSWER the strategy for minimizing errors by managing each stage of
production
e-commerce - ANSWER Any form of business activity conducted electronically can be
defined as e-commerce.
m-commerce - ANSWER the ability to conduct commerce using a mobile device for the
purpose of buying or selling goods or services
Lean production - ANSWER a management approach that organizes resources such as
people and machines around the flow of business processes and that only produces
units in response to customer orders
price skimming - ANSWER Involves setting a high price before other competitors come
into the market often used for then launch of a product
Price Penetration - ANSWER The business offers low prices on good and services, often
used by new businesses. May lose money initially, however in the future exposure
gained can help to increase profits
Competitive pricing - ANSWER A business will look at the prices charged by
competitors. This will give an indication of what price to charge. Prices are then set
based on these prices.
, loss leader - ANSWER Where a price is set deliberately at or below the cost of
production in order to attract customers who will also, hopefully, buy other, more
profitable products.
cost-plus pricing - ANSWER adding a standard markup to the cost of the product
Resources of Business - ANSWER land, labor, capital, entrepreneurship
enterprise - ANSWER An undertaking or business organization; industrious
Social enterprise - ANSWER A business with primarily social objectives that reinvests
most of its profits into benefiting society rather than maximising returns to owners
Social Responsibility - ANSWER Business considers all of the stakeholders when making
a decision.
segment the market - ANSWER the process of breaking the market into subgroups or
submarkets based on certain characteristics, such as geography, age, gender,
education, lifestyle, and/or ethnicity, to effectively select a marketing strategy that
allows the business to provide customers greater value
Monopoly - ANSWER A business dominates a market
external costs - ANSWER costs of a transaction that affect people other than the buyer
or seller
Pressure group - ANSWER a group that tries to influence public policy in the interest of a
particular cause.
consumer confidence - ANSWER the extent to which people are optimistic or pessimistic
about the future health of the economy
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