Edexcel AS/A Level Business
Brand Name correct answers 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 correct answers Conducting business
transactions online Online retailing correct answers The
retailing of goods online
Market correct answers A set of arrangements that allows buyers and
sellers to communicate and trade in a particular range of goods and
services
Marketing correct answers A management process involved in identifying,
anticipating and satisfying consumer requirements profitably
Market share correct answers 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 correct answers A very large market in which products with
mass appeal are targeted
Niche market correct answers A smaller market, usually within a large
market or industry
Consumer panels correct answers Groups of customers are asked for
feedback about products over a period of time
Database correct answers An organised collection of data stored
electronically with instant access, searching and sorting facilities
Focus groups correct answers Where a number of customers are invited
to attend a discussion about a product led by market researchers
Market orientation correct answers An approach to business which places
the needs of consumers at the centre of the decision-making process
Market research correct answers The collection, presentation and
analysis of information relating to the marketing and consumption
of goods and services
Market segment correct answers Part of a whole market where a
particular customer group has similar characteristics
, Primary research or field research correct answers The gathering of 'new'
information which does not already exist
Product orientation correct answers An approach to business which
places the emphasis upon the production process and the product
itself
Qualitative research correct answers The collection of data about attitudes,
beliefs and intentions
Quantitative research correct answers The collection of data that can be
quantified
Respondent correct answers A person or organisation that answers
questions in a survey
Sample correct answers A small group of people who must represent a
proportion of a total market when carrying out market research
Secondary research or desk research correct answers The collection of
data that is already in existence
Socio-economic groups correct answers Division of people according to
social class
Added value correct answers 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 correct answers An advantage that enables a
business to perform better than its rivals in the market
Market maps or perceptual maps correct answers 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 correct answers The view consumers have about the
quality, value for money and image of a product in relation to those of
competitors
Product differentiation correct answers An attempt by a business to
distinguish its product from those of competitors
Reposition correct answers Changing the view consumers have about a
product by altering some of its characteristics
USP (or proposition) correct answers The aspect or feature of a product
that clearly distinguishes it from its rivals
Complementary goods correct answers Goods that are purchased
together because they are consumed together
Brand Name correct answers 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 correct answers Conducting business
transactions online Online retailing correct answers The
retailing of goods online
Market correct answers A set of arrangements that allows buyers and
sellers to communicate and trade in a particular range of goods and
services
Marketing correct answers A management process involved in identifying,
anticipating and satisfying consumer requirements profitably
Market share correct answers 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 correct answers A very large market in which products with
mass appeal are targeted
Niche market correct answers A smaller market, usually within a large
market or industry
Consumer panels correct answers Groups of customers are asked for
feedback about products over a period of time
Database correct answers An organised collection of data stored
electronically with instant access, searching and sorting facilities
Focus groups correct answers Where a number of customers are invited
to attend a discussion about a product led by market researchers
Market orientation correct answers An approach to business which places
the needs of consumers at the centre of the decision-making process
Market research correct answers The collection, presentation and
analysis of information relating to the marketing and consumption
of goods and services
Market segment correct answers Part of a whole market where a
particular customer group has similar characteristics
, Primary research or field research correct answers The gathering of 'new'
information which does not already exist
Product orientation correct answers An approach to business which
places the emphasis upon the production process and the product
itself
Qualitative research correct answers The collection of data about attitudes,
beliefs and intentions
Quantitative research correct answers The collection of data that can be
quantified
Respondent correct answers A person or organisation that answers
questions in a survey
Sample correct answers A small group of people who must represent a
proportion of a total market when carrying out market research
Secondary research or desk research correct answers The collection of
data that is already in existence
Socio-economic groups correct answers Division of people according to
social class
Added value correct answers 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 correct answers An advantage that enables a
business to perform better than its rivals in the market
Market maps or perceptual maps correct answers 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 correct answers The view consumers have about the
quality, value for money and image of a product in relation to those of
competitors
Product differentiation correct answers An attempt by a business to
distinguish its product from those of competitors
Reposition correct answers Changing the view consumers have about a
product by altering some of its characteristics
USP (or proposition) correct answers The aspect or feature of a product
that clearly distinguishes it from its rivals
Complementary goods correct answers Goods that are purchased
together because they are consumed together
