TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
A LEVEL EDEXCEL BUSINESS PAPER 1
Questions and Correct Answers the Latest
Update
mass market
✓ a market that targets a large segment - products are standardised
niche market
✓ a market that targets a small segment - customers have specific needs that aren't catered
by the mass market
brand name
✓ a name, sign, symbol or other feature that allows consumers to identify the goods of a
business and differentiate it from rivals
e-commerce
✓ conducting business transactions online
online retailing/ e-tailing
✓ buying goods online
market
✓ a arrangement where the buyer and seller can trade and communicate
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
marketing
✓ process that involves identifying, analysing and anticipating customer requirements
profitably
market share
✓ the total sales a business has in a particular market that involves one and more other
businesses
primary/field research
✓ data collected first-hand for a specific purpose (involves questionnaires)
secondary/desk research
✓ data that already exists for a different purpose (can be internal - stock movements/sales
figures and external - international publications/rival websites)
quantitative research
✓ data can be measured (financial element to it)
qualitative research
✓ research based on opinions, beliefs and intentions.
consumer panel
✓ group of consumers are asked for feedback of a product after a period of time
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
database
✓ a system that stores data electronically - has features such as find and sorting.
focus groups
✓ consumers are invited for a discussion about a product that is going to be launched in the
market
market orientation
✓ a business that places the needs of the customers at the centre of decision making
product orientation
✓ a business that puts emphasis on the product itself - meaning contact with customer comes
last
market research
✓ collection, presentation and analysis of data relating to the marketing and consumption of
goods and services
market segmentation
✓ a group that has similar characteristics in a whole market (behavioural, psychographic,
demographic and geographic)
added value
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
✓ the extra features that may be offered when selling a product which helps to exceed
customer satisfaction
competitive advantage
✓ an advantage that helps a business to perform better than its rivals
market/perceptual map
✓ a two-dimension diagram that places a brand with other rivals against two characteristics
or attributes (based on opinion)
market positioning
✓ the view a customer has of a product compared to other rivals (in terms of quality, value
and image)
product differentiation
✓ at attempt by a business to set the product apart from its rivals
reposition
✓ the process by which a business attempts to change the position consumers have of their
product
USP
✓ the aspect or feature of a product that clearly distinguishes it from its rivals
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
A LEVEL EDEXCEL BUSINESS PAPER 1
Questions and Correct Answers the Latest
Update
mass market
✓ a market that targets a large segment - products are standardised
niche market
✓ a market that targets a small segment - customers have specific needs that aren't catered
by the mass market
brand name
✓ a name, sign, symbol or other feature that allows consumers to identify the goods of a
business and differentiate it from rivals
e-commerce
✓ conducting business transactions online
online retailing/ e-tailing
✓ buying goods online
market
✓ a arrangement where the buyer and seller can trade and communicate
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
marketing
✓ process that involves identifying, analysing and anticipating customer requirements
profitably
market share
✓ the total sales a business has in a particular market that involves one and more other
businesses
primary/field research
✓ data collected first-hand for a specific purpose (involves questionnaires)
secondary/desk research
✓ data that already exists for a different purpose (can be internal - stock movements/sales
figures and external - international publications/rival websites)
quantitative research
✓ data can be measured (financial element to it)
qualitative research
✓ research based on opinions, beliefs and intentions.
consumer panel
✓ group of consumers are asked for feedback of a product after a period of time
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
database
✓ a system that stores data electronically - has features such as find and sorting.
focus groups
✓ consumers are invited for a discussion about a product that is going to be launched in the
market
market orientation
✓ a business that places the needs of the customers at the centre of decision making
product orientation
✓ a business that puts emphasis on the product itself - meaning contact with customer comes
last
market research
✓ collection, presentation and analysis of data relating to the marketing and consumption of
goods and services
market segmentation
✓ a group that has similar characteristics in a whole market (behavioural, psychographic,
demographic and geographic)
added value
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!
✓ the extra features that may be offered when selling a product which helps to exceed
customer satisfaction
competitive advantage
✓ an advantage that helps a business to perform better than its rivals
market/perceptual map
✓ a two-dimension diagram that places a brand with other rivals against two characteristics
or attributes (based on opinion)
market positioning
✓ the view a customer has of a product compared to other rivals (in terms of quality, value
and image)
product differentiation
✓ at attempt by a business to set the product apart from its rivals
reposition
✓ the process by which a business attempts to change the position consumers have of their
product
USP
✓ the aspect or feature of a product that clearly distinguishes it from its rivals
|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
