Aims & Objectives 2: Business: Pearson (Edexcel): GCSE (9:1)

Competition

Other businesses that offer potential customers similar products or services that meet their needs and wants

The Market

The place where the laws of supply and demand operate and buyers and sellers interact

Expansion

Growing the size, physical presence or revenue of a business, entering new markets. This can be internal or external

Measurements of success

How a business decides whether it is meeting its aims and objectives

Sales

Number of products or services sold multiplied by the price in a given time period, usually a year

Products

The range of different goods and services a business offers

Short term

A limited time, usually a year or within a year

Long term

A larger time span, usually several years

Market Research

Activity that tells a business what the customer wants and needs

Customer surveys

A method of market research that involves asking potential customers sets of questions

Size of the Market

The total number of people or businesses that are potential customers, or the total value of all products and services in the market

Business environment

All the forces, actions and factors that can affect a business

Dynamic

Moving, changing, variable

Mission Statement

A formal presentation of a company's aims

Market Penetration

A strategy of selling existing goods and services in an existing market

Segmentation

When a market is divided into different parts