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Edexcel A Level business 2024 paper 1 Advanced Information Exam Review with Answers
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Edexcel A Level business 2024 paper 1Advanced Information Exam Review
with Answers
Marketing - Answer>>The process through which a product /
service moves from being an idea to getting to a consumer
Market - Answer>>A place where buyers and sellers meet to
exchange goods or services
Mass market - Answer>>Where a business sells to the largest
part of the market, where there are many similar products offered
by competitors
Niche market - Answer>>Where a business targets a smaller
segment of a larger market, where customers have specific needs
and wants
Market value - Answer>>The total value of sales for businesses
in a particular market for a product / service
Market share - Answer>>The percentage of the sales in a
particular market that belong to a business. For example; Tesco
has 28% share of the UK Supermarket
Market growth - Answer>>The percentage by which the total
value of a market has increased (or decreased if negative growth)
Competition - Answer>>Other businesses that provide a similar
product / service
Market segmentation - Answer>>The process of dividing a
market into parts that reflect different needs and wants
, Market segment - Answer>>One specific group of consumers
that have specific needs and wants
Market research - Answer>>Collection of data to obtain insight
into the needs and wants of customers, or the way a market is
structured
Primary research / data - Answer>>Research data collected
first hand for a specific purpose
Secondary research / data - Answer>>Research data that
already exists and has been used for a different purpose
Quantitative research / data - Answer>>Research based on
numerical data
Qualitative research / data - Answer>>Research based on
views and opinions (non-numeric)
Supply - Answer>>The quantity that businesses / producers are
willing and able to supply at a given price in a given time period
Supply curve - Answer>>The quantity willing to be supplied of a
product at different price points
Subsidy - Answer>>Any form of government support - financial
or otherwise - offered to producers or consumers to encourage
supply or demand
Market equilibrium - Answer>>When there is a balance
between demand and supply in a market
Market demand - Answer>>The total quantity demanded for a
product in a market by all customers
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