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
USP - ANSWER-The aspect or feature of a product that clearly distinguishes it from its
rivals
Complementary goods - ANSWER-Goods that are purchased together because they
are consumed together
Demand - ANSWER-The quantity of a product bought a given price over a given period
of time
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
USP - ANSWER-The aspect or feature of a product that clearly distinguishes it from its
rivals
Complementary goods - ANSWER-Goods that are purchased together because they
are consumed together
Demand - ANSWER-The quantity of a product bought a given price over a given period
of time
