Business Edexcel International A level Unit 1 - Chapters 1-22 Questions and Expert Answers the Latest Version

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Business Edexcel International A level
Unit 1 - Chapters 1-22 Questions and
Expert Answers the Latest Version

Question: Market Share


Answer: Business sales/Market sales x 100 = %


Question: Total Revenue


Answer: Selling price x Quantity sold


Question: Mass Market


Answer: Products aimed at a large group of buyers, with wide appeal and
useful to a variety of consumers. More competition


Question: Niche Market


Answer: Products aimed at a specific group of buyers, specialised to meet the
particular requirements of customers


Question: Branding

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Answer: Creating a clear logo, name and/or statement that consumers can
instantly recognise


Question: Market Size


Answer: Total value of sales over a period of time or total number of
consumers


Question: Dynamic Markets


Answer: Markets that are rapidly changing and evolving. They can change by:


- Consumer preferences can change


- Innovation, meaning new products/processes emerge


- The way to shop, eg. Online shopping Changes in legislation


Question: Market Research

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Answer: Involves gathering, presenting and analysing information about
marketing/consumption of goods and services. It is important because:


- Finds out what consumers want/need


- Predict amount of demand


- How best to market the product


- How much consumers are willing to pay


- Identifying competitors


Question: Primary Research


Answer: Newly gathered research made by the company/business, usually by
using:


- Surveys


- Observations


- Interviews


- Focus Groups


Question: Secondary Research