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Business Edexcel International A level
Unit 1 - Chapters 1-22 Questions and
Expert Answers the Latest Version
Question: Market Share
Answer: Business sales/Market sales x 100 = %
Question: Total Revenue
Answer: Selling price x Quantity sold
Question: Mass Market
Answer: Products aimed at a large group of buyers, with wide appeal and
useful to a variety of consumers. More competition
Question: Niche Market
Answer: Products aimed at a specific group of buyers, specialised to meet the
particular requirements of customers
Question: Branding
, Page | 2
Answer: Creating a clear logo, name and/or statement that consumers can
instantly recognise
Question: Market Size
Answer: Total value of sales over a period of time or total number of
consumers
Question: Dynamic Markets
Answer: Markets that are rapidly changing and evolving. They can change by:
- Consumer preferences can change
- Innovation, meaning new products/processes emerge
- The way to shop, eg. Online shopping Changes in legislation
Question: Market Research
, Page | 3
Answer: Involves gathering, presenting and analysing information about
marketing/consumption of goods and services. It is important because:
- Finds out what consumers want/need
- Predict amount of demand
- How best to market the product
- How much consumers are willing to pay
- Identifying competitors
Question: Primary Research
Answer: Newly gathered research made by the company/business, usually by
using:
- Surveys
- Observations
- Interviews
- Focus Groups
Question: Secondary Research
Business Edexcel International A level
Unit 1 - Chapters 1-22 Questions and
Expert Answers the Latest Version
Question: Market Share
Answer: Business sales/Market sales x 100 = %
Question: Total Revenue
Answer: Selling price x Quantity sold
Question: Mass Market
Answer: Products aimed at a large group of buyers, with wide appeal and
useful to a variety of consumers. More competition
Question: Niche Market
Answer: Products aimed at a specific group of buyers, specialised to meet the
particular requirements of customers
Question: Branding
, Page | 2
Answer: Creating a clear logo, name and/or statement that consumers can
instantly recognise
Question: Market Size
Answer: Total value of sales over a period of time or total number of
consumers
Question: Dynamic Markets
Answer: Markets that are rapidly changing and evolving. They can change by:
- Consumer preferences can change
- Innovation, meaning new products/processes emerge
- The way to shop, eg. Online shopping Changes in legislation
Question: Market Research
, Page | 3
Answer: Involves gathering, presenting and analysing information about
marketing/consumption of goods and services. It is important because:
- Finds out what consumers want/need
- Predict amount of demand
- How best to market the product
- How much consumers are willing to pay
- Identifying competitors
Question: Primary Research
Answer: Newly gathered research made by the company/business, usually by
using:
- Surveys
- Observations
- Interviews
- Focus Groups
Question: Secondary Research
