Exam (elaborations)
A LEVEL EDEXCEL BUSINESS 2024 PAPER 1 Exam Questions and Answers
- Course
- Institution
A LEVEL EDEXCEL BUSINESS 2024 PAPER 1 Exam Questions and Answers
[Show more]
Seller
Follow
RevisionKing
Reviews received
Content preview
A LEVEL EDEXCEL BUSINESS 2024PAPER 1 Exam Questions and Answers
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, symbol or other feature
that allows consumers to identify the goods of a business and
differentiate it from rivals
e-commerce - Answer>>conducting business transactions
online
online retailing/ e-tailing - Answer>>buying goods online
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)
inferior goods - Answer>>income rising = demand falls (Tesco
value crisps)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RevisionKing. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now