Meeting Customer Needs - Edexcel A Level Business

Flashcards covering key concepts related to market dynamics, research, branding, and consumer needs.

Market

Any place where buyers and sellers can meet, such as a shopping mall or online platform.

Mass Market

A market where products are aimed at broad segments of consumers, resulting in less unique offerings.

Niche Market

A market segment focused on specialized products that cater to a narrow group of consumers.

Market Research

The systematic gathering of data from consumers to inform business decisions.

Market Positioning

The process of determining how to position a product in the market concerning price, quality, and branding.

Brand

A name, image, or logo that distinguishes a product from competitors.

Market Share

The proportion of total sales of a product or service that is enjoyed by a particular business.

Competitive Advantage

The attributes or features of a business or its products that are perceived as superior by customers.

Dynamic Market

A market subject to rapid or continuous changes affecting competition and consumer preferences.

Market Segmentation

The process of dividing a broader market into smaller segments based on shared characteristics.