AQA GCSE (9-1) Business - Paper 1

Buffer stock - A stock of raw materials held in reserve to protect the production process from unforeseen shortages. Customer loyalty - The likelihood that past customers will continue to buy from the business, enhanced by high quality customer service and/or reward programmes. Customer satisfaction - Whether customers are pleased with the goods/services they receive; whether they would purchase again. Flow production - Using a production line to make goods continuously and in large numbers. Inspection - Testing/examining items to check that materials or items conform to the specified requirements/standards. Job production - A method of creating a single product to meet an individual order. Just in case (JIC) - Organising procurement to ensure that the production process never runs out of stock, reducing the number of sales lost due to insufficient raw materials. Just in time (JIT) - Organising the ordering of raw materials and components to be delivered just before they will be used, reducing the need for storage. Logistics - Managing the movement of supplies and products to ensure the timely delivery of supplies to the production process and finished products to customers. Procurement - The process of buying goods and services including dealing with, demand, selection of suppliers, analysing and negotiating prices, making the purchase & managing payments.