Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

business theme 1 key terms > 1.1 > Flashcards

1.1 Flashcards

1
Q

Brand

A

A symbol, logo or design that is recognisable and distinguishes a product from competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Competition

A

Rivalry against sellers trying to achieve same goals e.g market share, sales volume

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Competitive market

A

When there are many rivals selling similar productsWhen there are many rivals selling similar products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Competitor

A

A rival business operating in the same market offering similar goods or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Direct Competition

A

Businesses produce similar products that appeal to the same group of customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Dynamic market

A

A market that is subject to rapid/continuous change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Indirect competition

A

Different businesses make or sell products that are not in direct competition but compete for the same customer experience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Innovation

A

The creation, development and implementation of a new product, process or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Market

A

Where buyers and sellers interact

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Market growth

A

An increase in demand/sales for a particular product/service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Market share

A

The % of the total market a business has in terms of volume or value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Market size

A

The total amount of sales/customers in a market measured by value/volume

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Mass market

A

A large unsegmented market where mass appeal products are on sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Niche market

A

A specialised section of the market where customers have specific needs/wants.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Online retailing

A

Selling goods and services on the internet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Product innovation

A

The development/creation of products not previously available

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Sales volume

A

The quantity of a good or service sold within a period of time. Calculation Sales revenue/selling price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Uncertainty

A

The inability to predict/a lack of knowledge about future events and outcomes/reasons for uncertainty. Is caused by unexpected often external factors outside the business’s control, even though sometimes these can be predictable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Biased Questions

A

Where the questions do not produce findings that give a true reflection of the views of the target audience on the product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Consumer behaviour

A

How consumers make decisions about how they choose and use products or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Databases

A

An organised collection of data stored electronically with instant access, searching and sorting facilities

22
Q

Face to face survey

A

A research method used where the interviewer
communicates directly with the respondent using a questionnaire

23
Q

Focus group

A

A group of people who participate in a discussion as part of market research to give feedback about a product or service

24
Q

Government data

A

Government publications that a business can use such as the census of the population

25
Interviewer bias
Where the opinion of the interviewer interferes with the judgements of the interviewee
26
Market orientation
The business finds out the needs and wants of the customers and responds to them/meets customer requirements
27
Market reports
A document that contains information, stats, research and facts on a chosen field
28
Market research
Gathering, presenting and analysing information about products/customers
29
Market segmentation
Dividing a whole market into particular customer groups that have similar characteristics
30
Market segments
An identifiable group of individuals/a part of the market where consumers share one or more characteristic or need
31
Observations
Where market researchers watch the behaviour of customers
32
Primary market research
Obtaining data first hand by the business to match the specific needs of the business. It can also be known as field research
33
Product orientation
When a business prioritises a product’s design quality or performance rather than meeting customer preferences to guide production and marketing decisions
34
Qualitative research
Market research collected relating to the opinions and beliefs of consumers . Data not presented numerically
35
Quantitative research
Numerical information gathered and can be presented and research data analysed using graphs, charts, table etc
36
Respondent bias
When respondents respond inaccurately to a question for some reason
37
Sample
A small group of people who must represent a proportion of a total market when carrying out market research
38
Secondary market research
Data collected by another business or organisation but used by the business in question. Also known as desk research
39
Segmentation
Dividing the market into groups of people with similar attributes or common characteristics
40
Social networking
A platform such as Facebook, X and You Tube, which can be used to market a businesses products/services
41
Survey
A method of (primary) research used to collect information
42
Test marketing
Trialling the product in a small area or to a limited number of users to assess the suitability of a product
43
Trade publications
Specialist magazines that look at current trends in the business world
44
Added value
The difference between the selling price and the cost of inputs
45
Competitive advantage
Using differentiation/USP to have an edge over the competition
46
Differentiation
An effort to influence consumer perception of a brand or product, relative to the perception of competing brands or products
46
Differentiation
Making a product distinctive from competitors products OR creating a USP
47
Market mapping
A form of market positioning. It is the use of a 2-dimensional diagram that plots products or services in a market using two 1 key variables. It is used to spot a gap in the market
48
Product differentiation
The act of distinguishing a product/service from competitors to make it more attractive to a particular target market
49
Market positioning
An effort to influence consumer perception of a brand or product, relative to the perception of competing brands or products

business theme 1 key terms (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions