A-level Business Studies Lesson 11 (3.3.1)

Question 1

Marketing

Answer 1

The anticipating and satisfying of customers’ wants in a way
that delights the consumer and also meets the needs of the
organisation.

Question 2

Marketing objectives

Answer 2

The goals of the marketing function in an organisation.

Question 3

Marketing mix (7Ps)

Answer 3

The Marketing Mix (7Ps) is a framework used to define and
develop the key aspects of a business's marketing strategy,
with the aim of delighting customers. It expands on the
traditional 4Ps (Product, Price, Place, and Promotion) to
include three additional elements.
Product: The goods or services a business offers to meet
customer needs.
Price: The cost customers pay for the product or service.
Place: How and where the product or service is distributed and
made available to customers.
Promotion: The methods used to communicate the product’s
benefits and persuade customers to purchase (e.g.,
advertising, sales promotions).
People: The staff or individuals who deliver the service or
interact with customers, which can influence the customer
experience.
Process: The procedures, mechanisms, and flow of activities
that deliver the product or service to the customer.
Physical Evidence: The tangible elements that support the
service and help customers evaluate it before purchase (e.g.,
packaging, branding, or the service environment).

Question 4

Sales volume

Answer 4

Measures the number of units sold or produced.

Question 5

Sales value

Answer 5

Measures the financial worth of the items sold (number of units
sold x average selling price)

Question 6

Market size

Answer 6

The volume of sales of a product or the value of sales of a
product.

Question 7

Market growth

Answer 7

The percentage change in sales (volume or value) of a generic
product or service, over a period of time. The percentage
market growth for a particular year is calculated as follows:
Market growth (%) =
((Market size in year - Market size in previous year) / Market size in previous year) x 100

Question 8

Sales growth

Answer 8

The percentage change in sales (volume or value) for a
specific business or product over a period of time. The
percentage sales growth for a firm/product for a particular year
is calculated as follows:
Sales growth (%) =
(Sales in that year - Sales in previous year) / Sales in previous year) x 100

Question 9

Market share

Answer 9

The percentage or proportion of the total sales of a product or
service achieved by a firm or a specific brand of a product.
Market share is usually measured as a percentage, calculated
as follows:
Market share (%) =
(Sales of one product or brand or company / Total sales in the market) x 100