Past Paper Defintions

Question 1

brand

Answer 1

an identifying symbol,name or trademark that distinguishes a product from its competitors

Question 2

worker’s representatives

Answer 2

These are elected by the workers,either as trade union officials or as representatives on works councils in order to discuss areas of common concern with managers.
Mark scheme: these are workers who represent the views of employees in feeding back and negotiating with employers. This encourages two-way communication and can help improve motivation/morale. Develops leadership skills in employees.

Question 3

Profit margin

Answer 3

Measure of the profitability of a business
Calculated by finding the profit for the year as a percentage of the revenue.
Proportion of the revenue that is profit for the year.

Question 4

Industrial market

Answer 4

An industrial market is one where the goods or services are sold
by one business to another business.
as opposed to a consumer market where goods are sold by businesses to consumers