Edexcel AS/A Level Business - Theme 1 Revision Questions and Answers

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