Edexcel A Level Business - Theme 1:
Marketing and People
Brand - ANSWER A symbol, logo or design that is recognisable and distinguishes a product
from competitors
Marketing - ANSWER The process through which a product / service moves from being an
idea to getting to a consumer
Market - ANSWER A place where buyers and sellers interact
Mass market - ANSWER Where a business sells to the largest part of the market, where
there are many similar products offered by competitors
Niche market - ANSWER Where a business targets a smaller segment of a larger market,
where customers have specific needs and wants
Market value/value - ANSWER The total value of sales for businesses in a particular market
for a product / service
Market share - ANSWER The percentage of the sales in a particular market that belong to a
business. For example; Tesco has 28% share of the UK Supermarket
Market growth - ANSWER The percentage by which the total value of a market has increased
(or decreased if negative growth)
Competition - ANSWER Other businesses that provide a similar product / service
,Competitive Market - ANSWER Where there are many rivals selling similar products
Direct competition - ANSWER Businesses that produce similar goods or services that appeal
to the same group of customers
Indirect competition - ANSWER Businesses that sell products that aren't in direct
competition but compete for the same customer experience (such as Ryanair and Emirates, or
Netflix and Cineworld)
Innovation - ANSWER The creation, development and implementation of a new product or
service
Sales volume - ANSWER The quantity of sales within a period of time (Sales revenue / Selling
price)
Market segmentation - ANSWER The process of dividing a market into parts that reflect
different needs and wants
Market segment - ANSWER One specific group of consumers that have specific needs and
wants
Market research - ANSWER Collection of data to obtain insight into the needs and wants of
customers, or the way a market is structured
Primary research / data - ANSWER Research data collected first hand for a specific purpose
, Secondary research / data - ANSWER Research data that already exists and has been used
for a different purpose
Quantitative research / data - ANSWER Research based on numerical data
Qualitative research / data - ANSWER Research based on views and opinions (non-numeric)
Consumer behaviour - ANSWER How consumers make decisions about how they choose and
use products and services
Database - ANSWER A collection of data stored electronically
Survey - ANSWER A research method where an interviewer asks individuals a set of
questions using a questionnaire
Focus group - ANSWER A research method where an interviewer meets a small group of
similar people to gain feedback on a product or service
Government data - ANSWER Government publications that a business can use such as a
population census
Market reports - ANSWER A document containing information, stats and research on a
chosen market
Bias - ANSWER Where the opinion of the person interferes with their answers and
judgements
Marketing and People
Brand - ANSWER A symbol, logo or design that is recognisable and distinguishes a product
from competitors
Marketing - ANSWER The process through which a product / service moves from being an
idea to getting to a consumer
Market - ANSWER A place where buyers and sellers interact
Mass market - ANSWER Where a business sells to the largest part of the market, where
there are many similar products offered by competitors
Niche market - ANSWER Where a business targets a smaller segment of a larger market,
where customers have specific needs and wants
Market value/value - ANSWER The total value of sales for businesses in a particular market
for a product / service
Market share - ANSWER The percentage of the sales in a particular market that belong to a
business. For example; Tesco has 28% share of the UK Supermarket
Market growth - ANSWER The percentage by which the total value of a market has increased
(or decreased if negative growth)
Competition - ANSWER Other businesses that provide a similar product / service
,Competitive Market - ANSWER Where there are many rivals selling similar products
Direct competition - ANSWER Businesses that produce similar goods or services that appeal
to the same group of customers
Indirect competition - ANSWER Businesses that sell products that aren't in direct
competition but compete for the same customer experience (such as Ryanair and Emirates, or
Netflix and Cineworld)
Innovation - ANSWER The creation, development and implementation of a new product or
service
Sales volume - ANSWER The quantity of sales within a period of time (Sales revenue / Selling
price)
Market segmentation - ANSWER The process of dividing a market into parts that reflect
different needs and wants
Market segment - ANSWER One specific group of consumers that have specific needs and
wants
Market research - ANSWER Collection of data to obtain insight into the needs and wants of
customers, or the way a market is structured
Primary research / data - ANSWER Research data collected first hand for a specific purpose
, Secondary research / data - ANSWER Research data that already exists and has been used
for a different purpose
Quantitative research / data - ANSWER Research based on numerical data
Qualitative research / data - ANSWER Research based on views and opinions (non-numeric)
Consumer behaviour - ANSWER How consumers make decisions about how they choose and
use products and services
Database - ANSWER A collection of data stored electronically
Survey - ANSWER A research method where an interviewer asks individuals a set of
questions using a questionnaire
Focus group - ANSWER A research method where an interviewer meets a small group of
similar people to gain feedback on a product or service
Government data - ANSWER Government publications that a business can use such as a
population census
Market reports - ANSWER A document containing information, stats and research on a
chosen market
Bias - ANSWER Where the opinion of the person interferes with their answers and
judgements
