A LEVEL EDEXCEL BUSINESS 2024
PAPER 1 Exam Questions and Answers
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)
PAPER 1 Exam Questions and Answers
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)
