AQA A level Business - Unit 3 QUESTIONS AND
ANSWERS 100% VERIFIED A+ GUARANTEED
1). Price taker
Ans: A business must accept the SPPU due to little ability to compete with the price
maker
2). Necessity goods
Ans: Demand increase proportionally less than income
3). Product life cycle
Ans: Theory that sales of all products follow a similar pattern over time - development,
introduction, growth, maturity and decline
4). Brand
Ans: A name, sign, symbol, slogan that is recognizable
Builds customer loyalty to brand
5). Socio economic status
Ans: Segmentation method using income
6). Market targeting
Ans: Deciding which part of the population to target
7). Market positioning
Ans: Where a product stands in relation to competitors
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, 8). Sales volume
Ans: Number of items sold in a certain time period
9). Sales value
Ans: Volume sold x Selling price
10). Primary market research
Ans: research collected first-handed by the business itself, e.g. surveys
+ Reliable, valid and up to date
- Expensive, difficulties in making analysis
11). Quantitative
Ans: Numerical data from e.g. multiple choice questions, made on a mass scale
+ Concise data, easy to analyse
- Answers 'what' not 'why'
12). Qualitative
Ans: Opinions
+ Great insights, may highlight issues business unaware of
- Expensive to collect, difficult to analyse, small sample
13). Market mapping
Ans: Identifies features of a market
Can find gaps in market
Good starting point for research
14). Confidence levels
Ans: Margin of error in figures
Shows accuracy of sample
15). Correlation
Ans: Strength of relationship between data sets
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