A LEVEL EDEXCEL BUSINESS PAPER 1 REVISION QUESTIONS AND ANSWERS

Mass marketa market that targets a large segment - products are standardised Niche marketa market that targets a small segment - customers have specific needs that aren't catered by the mass market Brand namea name, sign, symbol or other feature that allows consumers to identify the goods of a business and differentiate it from rivals E-commerceconducting business transactions online Online retailing/ e-tailingbuying goods online Marketa arrangement where the buyer and seller can trade and communicate Marketingprocess that involves identifying, analysing and anticipating customer requirements profitably Market sharethe total sales a business has in a particular market that involves one and more other businesses Primary/field researchdata collected first-hand for a specific purpose (involves questionnaires) Secondary/desk researchdata that already exists for a different purpose (can be internal - stock movements/sales figures and external - international publications/rival websites) Quantitative researchdata can be measured (financial element to it) Qualitative researchresearch based on opinions, beliefs and intentions.