A LEVEL EDEXCEL BUSINESS PAPER 1 With Questions And Answers -2024

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) substitute good - Answer goods that can be bought as an alternative to other but perform the same function normal good - Answer income rising = demand rises (kettle chips for example) supply - Answer amount of a product which suppliers will offer at a given price factors affecting supply - Answer cost of production, introduction of new technology, indirect taxes, government subsidy and external shocks (weather and government) subsidy - Answer a grant given to producers using to encourage production equilibrium price/ market clearing price - Answer the price which demand and supply are equal