Edexcel AS/A Level Business - Theme 1 Exam Rated A+

Brand Name - A name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors E-commerce - Conducting business transactions online Online retailing - The retailing of goods online Market - A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services Marketing - A management process involved in identifying, anticipating and satisfying consumer requirements profitably Market share - The proportion of total sales in a particular market for which one or more businesses or brands are responsible. It is expressed as a percentage and can be calculated by value or volume. Mass market - A very large market in which products with mass appeal are targeted Niche market - A smaller market, usually within a large market or industry Consumer panels - Groups of customers are asked for feedback about products over a period of time Database - An organised collection of data stored electronically with instant access, searching and sorting facilities Focus groups - Where a number of customers are invited to attend a discussion about a product led by market researchers Market orientation - An approach to business which places the needs of consumers at the centre of the decision-making process Market research - The collection, presentation and analysis of information relating to the marketing and consumption of goods and services Market segment - Part of a whole market where a particular customer group has similar characteristics Primary research or field research - The gathering of 'new' information which does not already exist Product orientation - An approach to business which places the emphasis upon the production process and the product itself Qualitative research - The collection of data about attitudes, beliefs and intentions Quantitative research - The collection of data that can be quantified Respondent - A person or organisation that answers questions in a survey Sample - A small group of people who must represent a proportion of a total market when carrying out market research Secondary research or desk research - The collection of data that is already in existence Socio-economic groups - Division of people according to social class Added value - The extra features that may be offered by a business when selling a product, such as high-quality customer service, which helps to exceed customer expectation Competitive advantage - An advantage that enables a business to perform better than its rivals in the market Market maps or perceptual maps - Typically a 2d diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market Market positioning - The view consumers have about the quality, value for money and image of a product in relation to those of competitors