Edexcel A Level Business
Theme 1
Brand Name - ANSWER 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 - ANSWER Conducting business transactions online
Online retailing - ANSWER The retailing of goods online
Market - ANSWER A set of arrangements that allows buyers and sellers to communicate and
trade in a particular range of goods and services
Marketing - ANSWER A management process involved in identifying, anticipating and
satisfying consumer requirements profitably
Market share - ANSWER 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 - ANSWER A very large market in which products with mass appeal are
targeted
Niche market - ANSWER A smaller market, usually within a large market or industry
,Consumer panels - ANSWER Groups of customers are asked for feedback about products
over a period of time
Database - ANSWER An organised collection of data stored electronically with instant
access, searching and sorting facilities
Focus groups - ANSWER Where a number of customers are invited to attend a discussion
about a product led by market researchers
Market orientation - ANSWER An approach to business which places the needs of
consumers at the centre of the decision-making process
Market research - ANSWER The collection, presentation and analysis of information relating
to the marketing and consumption of goods and services
Market segment - ANSWER Part of a whole market where a particular customer group has
similar characteristics
Primary research or field research - ANSWER The gathering of 'new' information which does
not already exist
Product orientation - ANSWER An approach to business which places the emphasis upon
the production process and the product itself
Qualitative research - ANSWER The collection of data about attitudes, beliefs and intentions
Quantitative research - ANSWER The collection of data that can be quantified
, Respondent - ANSWER A person or organisation that answers questions in a survey
Sample - ANSWER A small group of people who must represent a proportion of a total
market when carrying out market research
Secondary research - ANSWER The collection of data that is already in existence (also known
as desk research)
Socio-economic groups - ANSWER Division of people according to social class
Added value - ANSWER 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 - ANSWER An advantage that enables a business to perform better
than its rivals in the market
Market map - ANSWER 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 - ANSWER The view consumers have about the quality, value for money
and image of a product in relation to those of competitors
Product differentiation - ANSWER An attempt by a business to distinguish its product from
those of competitors
Reposition - ANSWER Changing the view consumers have about a product by altering some
of its characteristics
Theme 1
Brand Name - ANSWER 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 - ANSWER Conducting business transactions online
Online retailing - ANSWER The retailing of goods online
Market - ANSWER A set of arrangements that allows buyers and sellers to communicate and
trade in a particular range of goods and services
Marketing - ANSWER A management process involved in identifying, anticipating and
satisfying consumer requirements profitably
Market share - ANSWER 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 - ANSWER A very large market in which products with mass appeal are
targeted
Niche market - ANSWER A smaller market, usually within a large market or industry
,Consumer panels - ANSWER Groups of customers are asked for feedback about products
over a period of time
Database - ANSWER An organised collection of data stored electronically with instant
access, searching and sorting facilities
Focus groups - ANSWER Where a number of customers are invited to attend a discussion
about a product led by market researchers
Market orientation - ANSWER An approach to business which places the needs of
consumers at the centre of the decision-making process
Market research - ANSWER The collection, presentation and analysis of information relating
to the marketing and consumption of goods and services
Market segment - ANSWER Part of a whole market where a particular customer group has
similar characteristics
Primary research or field research - ANSWER The gathering of 'new' information which does
not already exist
Product orientation - ANSWER An approach to business which places the emphasis upon
the production process and the product itself
Qualitative research - ANSWER The collection of data about attitudes, beliefs and intentions
Quantitative research - ANSWER The collection of data that can be quantified
, Respondent - ANSWER A person or organisation that answers questions in a survey
Sample - ANSWER A small group of people who must represent a proportion of a total
market when carrying out market research
Secondary research - ANSWER The collection of data that is already in existence (also known
as desk research)
Socio-economic groups - ANSWER Division of people according to social class
Added value - ANSWER 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 - ANSWER An advantage that enables a business to perform better
than its rivals in the market
Market map - ANSWER 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 - ANSWER The view consumers have about the quality, value for money
and image of a product in relation to those of competitors
Product differentiation - ANSWER An attempt by a business to distinguish its product from
those of competitors
Reposition - ANSWER Changing the view consumers have about a product by altering some
of its characteristics
