Edexcel A-Level Business - Theme 1.1.1 Key Terms/Defintions

Brand Name

A name, term, sign or logo that allows consumers to identify the company and differentiate its products from competitors.

E-Commerce

Conducting Business transactions online.

Online Retailing/E-tailing

Retailing of goods online.

Market

A set of arrangments that allows buyers and sellers to meet and communicate.

Marketing

A management process involved in identifying the needs and wants of customers

Market Share

The proportion of total sales in a particular market owned by a company/brand.

Mass Market

A very large market where products with mass appeal are targeted.

Niche Market

A smaller market within a larger market.

Consumer panels

Customers asked for feedback on products over time.

Database

An organized collection of data on electronic devices.

Focus groups

Customers are invited to attend discussions about products to provide feedback.

Market Orientation

An approach where the needs of consumers are the centre of the decision-making process.

Market Research

Analysis of information relating to the marketing of goods.

Market Segment

Part of whole market where a particular customer group has same charateristics

Primary Research

Gathering of information does not already exist.

Product Orientation

An approach to business which places emphasis on the production and product itself.

Qualitative Reseach

Collection of data that is belief/attitudes.

Quantitative Research

Collection of data that can be quantified.

Respondent

Person who answers the question in a survey.

Sample

Group of people who represent proportion of total market.

Secondary Research

Collection of data that already exists

Socio-Economic Groups

Division of people according to Social Class.

Added Value

Extra features offered by a business when selling a product.

Competitive Advantage

An advantage that enables a business to perform better than rivals.

Market Maps/Perceptual Maps

Diagram that shows 2 attributes of business and 2 attributes of rival business.

Market Postioning

The view consumers have on about quality and image of product.

Product Differentiation

Attempt by business to distinguish themselves from competitors.

Reposition

Change the view consumers have about a product by altering charateristics.

Unique Selling Point (USP)

The feature/aspect of product that distinguishes itself from rivals