A LEVEL EDEXCEL BUSINESS PAPER 1
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mass market - (correct Answer) - a market that targets a large segment - products are standardised
niche market - (correct Answer) - a market that targets a small segment - customers have specific needs
that aren't catered by the mass market
brand name - (correct 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 - (correct Answer) - conducting business transactions online
online retailing/ e-tailing - (correct Answer) - buying goods online
market - (correct Answer) - a arrangement where the buyer and seller can trade and communicate
marketing - (correct Answer) - process that involves identifying, analysing and anticipating customer
requirements profitably
market share - (correct Answer) - the total sales a business has in a particular market that involves one
and more other businesses
primary/field research - (correct Answer) - data collected first-hand for a specific purpose (involves
questionnaires)
secondary/desk research - (correct Answer) - data that already exists for a different purpose (can be
internal - stock movements/sales figures and external - international publications/rival websites)
quantitative research - (correct Answer) - data can be measured (financial element to it)
qualitative research - (correct Answer) - research based on opinions, beliefs and intentions.
consumer panel - (correct Answer) - group of consumers are asked for feedback of a product after a
period of time
database - (correct Answer) - a system that stores data electronically - has features such as find and
sorting.
focus groups - (correct Answer) - consumers are invited for a discussion about a product that is going to
be launched in the market
, market orientation - (correct Answer) - a business that places the needs of the customers at the centre
of decision making
product orientation - (correct Answer) - a business that puts emphasis on the product itself - meaning
contact with customer comes last
market research - (correct Answer) - collection, presentation and analysis of data relating to the
marketing and consumption of goods and services
market segmentation - (correct Answer) - a group that has similar characteristics in a whole market
(behavioural, psychographic, demographic and geographic)
added value - (correct Answer) - the extra features that may be offered when selling a product which
helps to exceed customer satisfaction
competitive advantage - (correct Answer) - an advantage that helps a business to perform better than its
rivals
market/perceptual map - (correct Answer) - a two-dimension diagram that places a brand with other
rivals against two characteristics or attributes (based on opinion)
market positioning - (correct Answer) - the view a customer has of a product compared to other rivals (in
terms of quality, value and image)
product differentiation - (correct Answer) - at attempt by a business to set the product apart from its
rivals
reposition - (correct Answer) - the process by which a business attempts to change the position
consumers have of their product
USP - (correct Answer) - the aspect or feature of a product that clearly distinguishes it from its rivals
demand - (correct Answer) - amount of a product consumers are willing and able to buy at any given
price
Factors affecting demand - (correct Answer) - price of substitutes, complementary goods, advertising and
branding, fashion and tastes, seasonality, demographics and external shocks (government, competition
and economic climate)
complementary goods - (correct Answer) - goods that are purchased together because they are
consumed together (milk and cereal)
inferior goods - (correct Answer) - income rising = demand falls (Tesco value crisps)
substitute good - (correct Answer) - goods that can be bought as an alternative to other but perform the
same function
normal good - (correct Answer) - income rising = demand rises (kettle chips for example)
supply - (correct Answer) - amount of a product which suppliers will offer at a given price
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mass market - (correct Answer) - a market that targets a large segment - products are standardised
niche market - (correct Answer) - a market that targets a small segment - customers have specific needs
that aren't catered by the mass market
brand name - (correct 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 - (correct Answer) - conducting business transactions online
online retailing/ e-tailing - (correct Answer) - buying goods online
market - (correct Answer) - a arrangement where the buyer and seller can trade and communicate
marketing - (correct Answer) - process that involves identifying, analysing and anticipating customer
requirements profitably
market share - (correct Answer) - the total sales a business has in a particular market that involves one
and more other businesses
primary/field research - (correct Answer) - data collected first-hand for a specific purpose (involves
questionnaires)
secondary/desk research - (correct Answer) - data that already exists for a different purpose (can be
internal - stock movements/sales figures and external - international publications/rival websites)
quantitative research - (correct Answer) - data can be measured (financial element to it)
qualitative research - (correct Answer) - research based on opinions, beliefs and intentions.
consumer panel - (correct Answer) - group of consumers are asked for feedback of a product after a
period of time
database - (correct Answer) - a system that stores data electronically - has features such as find and
sorting.
focus groups - (correct Answer) - consumers are invited for a discussion about a product that is going to
be launched in the market
, market orientation - (correct Answer) - a business that places the needs of the customers at the centre
of decision making
product orientation - (correct Answer) - a business that puts emphasis on the product itself - meaning
contact with customer comes last
market research - (correct Answer) - collection, presentation and analysis of data relating to the
marketing and consumption of goods and services
market segmentation - (correct Answer) - a group that has similar characteristics in a whole market
(behavioural, psychographic, demographic and geographic)
added value - (correct Answer) - the extra features that may be offered when selling a product which
helps to exceed customer satisfaction
competitive advantage - (correct Answer) - an advantage that helps a business to perform better than its
rivals
market/perceptual map - (correct Answer) - a two-dimension diagram that places a brand with other
rivals against two characteristics or attributes (based on opinion)
market positioning - (correct Answer) - the view a customer has of a product compared to other rivals (in
terms of quality, value and image)
product differentiation - (correct Answer) - at attempt by a business to set the product apart from its
rivals
reposition - (correct Answer) - the process by which a business attempts to change the position
consumers have of their product
USP - (correct Answer) - the aspect or feature of a product that clearly distinguishes it from its rivals
demand - (correct Answer) - amount of a product consumers are willing and able to buy at any given
price
Factors affecting demand - (correct Answer) - price of substitutes, complementary goods, advertising and
branding, fashion and tastes, seasonality, demographics and external shocks (government, competition
and economic climate)
complementary goods - (correct Answer) - goods that are purchased together because they are
consumed together (milk and cereal)
inferior goods - (correct Answer) - income rising = demand falls (Tesco value crisps)
substitute good - (correct Answer) - goods that can be bought as an alternative to other but perform the
same function
normal good - (correct Answer) - income rising = demand rises (kettle chips for example)
supply - (correct Answer) - amount of a product which suppliers will offer at a given price
