Exam (elaborations) AQA A level Business
Price taker - ANSWER A business must accept the SPPU due to little ability to compete with the price maker Necessity Goods - ANSWER Demand increase proportionally less than income Product life cycle - ANSWER Theory that sales of all products follow a similar pattern over time - development, introduction, growth, maturity and decline Brand - ANSWER A name, sign, symbol, slogan that is recognizable Builds customer loyalty to brand Socio Economic Status - ANSWER Segmentation method using income Market targeting - ANSWER Deciding which part of the population to target Market positioning - ANSWER Where a product stands in relation to competitors Sales volume - ANSWER Number of items sold in a certain time period Sales value - ANSWER Volume sold x Selling price Primary market research - ANSWER research collected first-handed by the business itself, e.g. surveys + Reliable, valid and up to date - Expensive, difficulties in making analysis Quantitative - ANSWER Numerical data from e.g. multiple choice questions, made on a mass scale + Concise data, easy to analyse - Answers 'what' not 'why' Qualitative - ANSWER Opinions + Great insights, may highlight issues business unaware of - Expensive to collect, difficult to analyse, small sample Market mapping - ANSWER Identifies features of a market
Información del documento
- Subido en
- 12 de mayo de 2023
- Número de páginas
- 5
- Escrito en
- 2022/2023
- Tipo
- Examen
- Contiene
- Preguntas y respuestas
