Business A-level Key Terms
Paper 1 – Theme 1 and 4
Key term Definition
Market Where buyers and sellers meet in order to exchange goods or
services
Marketing Range of activities businesses undertake to try create a demand
Marketing mix The plan for getting the right blend of product, price, promotion and
place
Marketing The targets the marketing department must achieve
objectives
Marketing The medium-to-long-term plan for meeting marketing objectives,
strategy delivered through the marketing mix
Market A subsection of a larger market in which consumers share similar
segment wants and needs
Market size The total level of sales of all producers within a market
Niche market A small segment of a larger market where customers have specific
wants and needs
Mass market Selling into the largest part of the market, where there are many
similar products on offer
Dynamic Markets in which businesses have to constantly adapt and develop
market new ideas, products and services in order to keep up with new
technology and changing customer wants and needs
Brand A name, sign, symbol, design or slogan linked to a particular
product or service in order to differentiate from competition
Retailing The selling of merchandise and certain services to consumers
Competition Rivalry among sellers where each seller tries to increase sales,
profits and market share by varying the marketing mix
PESTLE Highlights the major sources of external changes faced by
businesses: Political, Legal, Economic, Social, Technological, Legal
and Environmental
Risk The probability that hoped outcomes will not occur – quantifiable
and predictable
Uncertainty Decision making in an unknown future – unquantifiable and
unpredictable
Market The collation of information to identifying customers buying habits
research and attitudes to products and services
Primary New research conducted for a particular purpose
research
Secondary Pre-existing data that has been gathered for another purpose
research
Quantitative Research conducted on a large enough scale to provide statistically
research reliable data, usually aimed at discovering factual information about
how customers behave
Qualitative Aimed at providing detailed insights as to why customers behave
research the way they do
Market Discovering useful ways to split up a market into different groups of
segmentation consumers who share similar characteristics and needs
Product When a business focuses solely on a product’s service/performance
orientation
Market Consumers views and behaviours are at the heart of the decision-
orientation making process
Supply The amount of a good or service that producers are willing to sell at
any given price
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