A LEVEL EDEXCEL BUSINESS PAPER 1 Questions with Complete Answers| A+

mass market - a market that targets a large segment - products are standardised niche market - a market that targets a small segment - customers have specific needs that aren't catered by the mass market brand name - a name, sign, symbol or other feature that allows consumers to identify the goods of a business and differentiate it from rivals e-commerce - conducting business transactions online online retailing/ e-tailing - buying goods online market - a arrangement where the buyer and seller can trade and communicate marketing - process that involves identifying, analysing and anticipating customer requirements profitably market share - the total sales a business has in a particular market that involves one and more other businesses primary/field research - data collected first-hand for a specific purpose (involves questionnaires) secondary/desk research - data that already exists for a different purpose (can be internal - stock movements/sales figures and external - international publications/rival websites) quantitative research - data can be measured (financial element to it) qualitative research - research based on opinions, beliefs and intentions. consumer panel - group of consumers are asked for feedback of a product after a period of time database - a system that stores data electronically - has features such as find and sorting. focus groups - consumers are invited for a discussion about a product that is going to be launched in the market