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Edexcel AS/A Level Business - Theme 1 Exam 2024 Questions and Answers 100% pass
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Edexcel AS/A Level Business - Theme 1 Exam 2024 Questions and Answers 100% pass
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Edexcel AS/A Level Business - Theme 1Exam 2024 Questions and Answers
100% pass
Brand Name - Answer>>A name, term, sign, symbol, design or
any other feature that allows consumers to identify the goods and
services of a business and to differentiate them from those of
competitors
E-commerce - Answer>>Conducting business transactions
online
Online retailing - Answer>>The retailing of goods online
Market - Answer>>A set of arrangements that allows buyers
and sellers to communicate and trade in a particular range of
goods and services
Marketing - Answer>>A management process involved in
identifying, anticipating and satisfying consumer requirements
profitably
Market share - Answer>>The proportion of total sales in a
particular market for which one or more businesses or brands are
responsible. It is expressed as a percentage and can be
calculated by value or volume.
Mass market - Answer>>A very large market in which products
with mass appeal are targeted
Niche market - Answer>>A smaller market, usually within a
large market or industry
,Consumer panels - Answer>>Groups of customers are asked
for feedback about products over a period of time
Database - Answer>>An organised collection of data stored
electronically with instant access, searching and sorting facilities
Focus groups - Answer>>Where a number of customers are
invited to attend a discussion about a product led by market
researchers
Market orientation - Answer>>An approach to business which
places the needs of consumers at the centre of the decision-
making process
Market research - Answer>>The collection, presentation and
analysis of information relating to the marketing and consumption
of goods and services
Market segment - Answer>>Part of a whole market where a
particular customer group has similar characteristics
Primary research or field research - Answer>>The gathering of
'new' information which does not already exist
Product orientation - Answer>>An approach to business which
places the emphasis upon the production process and the product
itself
Qualitative research - Answer>>The collection of data about
attitudes, beliefs and intentions
Quantitative research - Answer>>The collection of data that can
be quantified
, Respondent - Answer>>A person or organisation that answers
questions in a survey
Sample - Answer>>A small group of people who must represent
a proportion of a total market when carrying out market research
Secondary research or desk research - Answer>>The collection
of data that is already in existence
Socio-economic groups - Answer>>Division of people according
to social class
Added value - Answer>>The extra features that may be offered
by a business when selling a product, such as high-quality
customer service, which helps to exceed customer expectation
Competitive advantage - Answer>>An advantage that enables a
business to perform better than its rivals in the market
Market maps or perceptual maps - Answer>>Typically a 2d
diagram that shows two of the attributes or characteristics of a
brand and those of rival brands in the market
Market positioning - Answer>>The view consumers have about
the quality, value for money and image of a product in relation to
those of competitors
Product differentiation - Answer>>An attempt by a business to
distinguish its product from those of competitors
Reposition - Answer>>Changing the view consumers have
about a product by altering some of its characteristics
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