A LEVEL EDEXCEL BUSINESS PAPER 1
mass market - Answer-a market that targets a large segment - products are standardised
niche market - Answer-a market that targets a small segment - customers have specific needs that aren't catered by the mass market
brand name - Answer-a name, sign, symbo...
market - Answer-a arrangement where the buyer and seller can trade and communicate
marketing - Answer-process that involves identifying, analysing and anticipating
customer requirements profitably
market share - Answer-the total sales a business has in a particular market that involves
one and more other businesses
primary/field research - Answer-data collected first-hand for a specific purpose (involves
questionnaires)
secondary/desk research - Answer-data that already exists for a different purpose (can
be internal - stock movements/sales figures and external - international
publications/rival websites)
quantitative research - Answer-data can be measured (financial element to it)
qualitative research - Answer-research based on opinions, beliefs and intentions.
consumer panel - Answer-group of consumers are asked for feedback of a product after
a period of time
database - Answer-a system that stores data electronically - has features such as find
and sorting.
focus groups - Answer-consumers are invited for a discussion about a product that is
going to be launched in the market
market orientation - Answer-a business that places the needs of the customers at the
centre of decision making
, product orientation - Answer-a business that puts emphasis on the product itself -
meaning contact with customer comes last
market research - Answer-collection, presentation and analysis of data relating to the
marketing and consumption of goods and services
market segmentation - Answer-a group that has similar characteristics in a whole
market (behavioural, psychographic, demographic and geographic)
added value - Answer-the extra features that may be offered when selling a product
which helps to exceed customer satisfaction
competitive advantage - Answer-an advantage that helps a business to perform better
than its rivals
market/perceptual map - Answer-a two-dimension diagram that places a brand with
other rivals against two characteristics or attributes (based on opinion)
market positioning - Answer-the view a customer has of a product compared to other
rivals (in terms of quality, value and image)
product differentiation - Answer-at attempt by a business to set the product apart from
its rivals
reposition - Answer-the process by which a business attempts to change the position
consumers have of their product
USP - Answer-the aspect or feature of a product that clearly distinguishes it from its
rivals
demand - Answer-amount of a product consumers are willing and able to buy at any
given price
Factors affecting demand - Answer-price of substitutes, complementary goods,
advertising and branding, fashion and tastes, seasonality, demographics and external
shocks (government, competition and economic climate)
complementary goods - Answer-goods that are purchased together because they are
consumed together (milk and cereal)
substitute good - Answer-goods that can be bought as an alternative to other but
perform the same function
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