Edexcel A Level Business - Theme 1.3 Questions with Complete Solutions Rated A+

Marketing - A management process involved in identifying, anticipating and satisfying consumer requirements profitably Marketing mix - This is more commonly referred to as the '4 P's'. These are four elements of a business' marketing that are designed to meet the needs of the customers. Brand Name - 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 - Conducting business transactions online Product design - The process of creating a new product or service Design mix - The range of features that are important when designing a product, including function, aesthetics & cost. Ethical sourcing - Using materials, components and services from suppliers that respect the environment, treat their workforce well and generally trade with integrity Recycling - Making use of materials that have been discarded as waste Resource depletion - The using up of natural resources Waste minimisation - Reducing the amount of resources that are discarded in the production process Above-the-line promotion - Advertising activities that are non-targeted and have a wide reach. Usually used to build awareness of the brand. Below-the-line promotion - A more targeted approach to promotion. This method avoids mass media like television or radio, and instead uses direct mail, face-to-face, etc. in order to sell specific products to specific consumers. Advertising - Communication between a business and its customers where images are placed in the media to encourage the purchase of products