Edexcel AS/A Level Business - Theme 1
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 onl...
Edexcel AS/A Level Business - Theme 1
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
USP (or proposition) - Answer-The aspect or feature of a product that clearly
distinguishes it from its rivals
Complementary goods - Answer-Goods that are purchased together because they are
consumed together
Demand - Answer-The quantity of a product bought a given price over a given period of
time
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