2022 ADVANCED INFORMATION PAPER 1 - A LEVEL BUSINESS QUESTIONS WITH CORRECT ANSWERS|100% verified

2022 ADVANCED INFORMATION PAPER 1 - A LEVEL BUSINESS QUESTIONS WITH CORRECT ANSWERS Marketing CORRECT ANSWER The process through which a product / service moves from being an idea to getting to a consumer Market CORRECT ANSWER A place where buyers and sellers meet to exchange goods or services Mass market CORRECT ANSWER Where a business sells to the largest part of the market, where there are many similar products offered by competitors Niche market CORRECT ANSWER Where a business targets a smaller segment of a larger market, where customers have specific needs and wants Market value CORRECT ANSWER The total value of sales for businesses in a particular market for a product / service Market share CORRECT ANSWER The percentage of the sales in a particular market that belong to a business. For example; Tesco has 28% share of the UK Supermarket Market growth CORRECT ANSWER The percentage by which the total value of a market has increased (or decreased if negative growth) Competition CORRECT ANSWER Other businesses that provide a similar product / service Market segmentation CORRECT ANSWER The process of dividing a market into parts that reflect different needs and wants Market segment CORRECT ANSWER One specific group of consumers that have specific needs and wants Market research CORRECT ANSWER Collection of data to obtain insight into the needs and wants of customers, or the way a market is structured Primary research / data CORRECT ANSWER Research data collected first hand for a specific purpose Secondary research / data CORRECT ANSWER Research data that already exists and has been used for a different purpose