Edexcel AS/A Level Business - Theme
1 Questions with Verified Answers
Brand Name - ANSWERSA 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 - ANSWERSConducting business transactions online
Online retailing - ANSWERSThe retailing of goods online
Market - ANSWERSA set of arrangements that allows buyers and sellers to
communicate and trade in a particular range of goods and services
Marketing - ANSWERSA management process involved in identifying, anticipating and
satisfying consumer requirements profitably
Market share - ANSWERSThe 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 - ANSWERSA very large market in which products with mass appeal are
targeted
Niche market - ANSWERSA smaller market, usually within a large market or industry
Consumer panels - ANSWERSGroups of customers are asked for feedback about
products over a period of time
Database - ANSWERSAn organised collection of data stored electronically with instant
access, searching and sorting facilities
Focus groups - ANSWERSWhere a number of customers are invited to attend a
discussion about a product led by market researchers
Market orientation - ANSWERSAn approach to business which places the needs of
consumers at the centre of the decision-making process
Market research - ANSWERSThe collection, presentation and analysis of information
relating to the marketing and consumption of goods and services
Market segment - ANSWERSPart of a whole market where a particular customer group
has similar characteristics
, Primary research or field research - ANSWERSThe gathering of 'new' information which
does not already exist
Product orientation - ANSWERSAn approach to business which places the emphasis
upon the production process and the product itself
Qualitative research - ANSWERSThe collection of data about attitudes, beliefs and
intentions
Quantitative research - ANSWERSThe collection of data that can be quantified
Respondent - ANSWERSA person or organisation that answers questions in a survey
Sample - ANSWERSA small group of people who must represent a proportion of a total
market when carrying out market research
Secondary research or desk research - ANSWERSThe collection of data that is already
in existence
Socio-economic groups - ANSWERSDivision of people according to social class
Added value - ANSWERSThe 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 - ANSWERSAn advantage that enables a business to perform
better than its rivals in the market
Market maps or perceptual maps - ANSWERSTypically a 2d diagram that shows two of
the attributes or characteristics of a brand and those of rival brands in the market
Market positioning - ANSWERSThe view consumers have about the quality, value for
money and image of a product in relation to those of competitors
Product differentiation - ANSWERSAn attempt by a business to distinguish its product
from those of competitors
Reposition - ANSWERSChanging the view consumers have about a product by altering
some of its characteristics
USP (or proposition) - ANSWERSThe aspect or feature of a product that clearly
distinguishes it from its rivals
Complementary goods - ANSWERSGoods that are purchased together because they
are consumed together
1 Questions with Verified Answers
Brand Name - ANSWERSA 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 - ANSWERSConducting business transactions online
Online retailing - ANSWERSThe retailing of goods online
Market - ANSWERSA set of arrangements that allows buyers and sellers to
communicate and trade in a particular range of goods and services
Marketing - ANSWERSA management process involved in identifying, anticipating and
satisfying consumer requirements profitably
Market share - ANSWERSThe 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 - ANSWERSA very large market in which products with mass appeal are
targeted
Niche market - ANSWERSA smaller market, usually within a large market or industry
Consumer panels - ANSWERSGroups of customers are asked for feedback about
products over a period of time
Database - ANSWERSAn organised collection of data stored electronically with instant
access, searching and sorting facilities
Focus groups - ANSWERSWhere a number of customers are invited to attend a
discussion about a product led by market researchers
Market orientation - ANSWERSAn approach to business which places the needs of
consumers at the centre of the decision-making process
Market research - ANSWERSThe collection, presentation and analysis of information
relating to the marketing and consumption of goods and services
Market segment - ANSWERSPart of a whole market where a particular customer group
has similar characteristics
, Primary research or field research - ANSWERSThe gathering of 'new' information which
does not already exist
Product orientation - ANSWERSAn approach to business which places the emphasis
upon the production process and the product itself
Qualitative research - ANSWERSThe collection of data about attitudes, beliefs and
intentions
Quantitative research - ANSWERSThe collection of data that can be quantified
Respondent - ANSWERSA person or organisation that answers questions in a survey
Sample - ANSWERSA small group of people who must represent a proportion of a total
market when carrying out market research
Secondary research or desk research - ANSWERSThe collection of data that is already
in existence
Socio-economic groups - ANSWERSDivision of people according to social class
Added value - ANSWERSThe 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 - ANSWERSAn advantage that enables a business to perform
better than its rivals in the market
Market maps or perceptual maps - ANSWERSTypically a 2d diagram that shows two of
the attributes or characteristics of a brand and those of rival brands in the market
Market positioning - ANSWERSThe view consumers have about the quality, value for
money and image of a product in relation to those of competitors
Product differentiation - ANSWERSAn attempt by a business to distinguish its product
from those of competitors
Reposition - ANSWERSChanging the view consumers have about a product by altering
some of its characteristics
USP (or proposition) - ANSWERSThe aspect or feature of a product that clearly
distinguishes it from its rivals
Complementary goods - ANSWERSGoods that are purchased together because they
are consumed together
