Cambridge O Level Business Studies Notes

A set of vocabulary flashcards based on key terms from Cambridge O Level Business Studies.

Specialisation

The process where individuals or businesses focus on a specific task or area of production to increase efficiency or quality.

Methods of Production

Different techniques or processes used to produce goods, such as job production, batch production, and mass production.

Quality Assurance

A systematic process designed to determine if a product or service meets specific requirements and to ensure consistent quality.

Globalisation

The process by which businesses develop international influence or operate on an international scale, creating both opportunities and threats.

Cash-flow Problems

Financial issues resulting from a business having insufficient cash inflow to cover its cash outflow.

Private Limited Company

A type of business structure that limits owner liability and restricts the transferability of shares, often favoring smaller, family-owned enterprises.

Job Description

A formal document that outlines the responsibilities, qualifications, and requirements specific to a particular job position within a company.

Maslow’s Hierarchy of Needs

A motivational theory in psychology comprising a five-tier model of human needs, often used in the workplace to enhance employee motivation.

Market Segmentation

The process of dividing a broad consumer or business market into sub-groups based on shared characteristics to better target marketing efforts.

Product Life Cycle

The progression of a product through stages of introduction, growth, maturity, and decline, impacting pricing and marketing strategies.