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Business Theme 1 > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Brand

A

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

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2
Q

Competition

A

The rivalry among sellers trying to achieve goals such as increasing profits, market share and sales volume

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3
Q

Competitive market

A

When there are many rivals selling similar products

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4
Q

Competitor

A

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

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5
Q

Direct competition

A

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

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6
Q

Dynamic market

A

A market that is subject to rapid/continuous change

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7
Q

Indirect competition

A

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

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8
Q

Innovation

A

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

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9
Q

Market

A

Where buyers and sellers interact

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10
Q

Market growth

A

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

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11
Q

Market share

A

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

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12
Q

Market size

A

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

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13
Q

Mass market

A

A large un segmented market where mass appeal products are on sale

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14
Q

Niche market

A

It is a smaller segment of a larger market where consumers have specific needs and wants

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15
Q

Online retailing

A

Selling goods and services on the internet

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16
Q

Product innovation

A

The development/creation of products not previously available

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17
Q

Sales volume

A

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

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18
Q

Uncertainty

A

The inability to predict future event and outcomes. It is caused by unexpected often external factors outside the business’s control, even though sometimes these can be predictable.

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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

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20
Q

Consumer behaviour

A

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

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
Q

Interview bias

A

Where the opinion of the interviewer interferes with the judgements of the interviewee

26
Q

Market orientation

A

When a business’s products/services are based around the needs and wants of the customer

27
Q

Market reports

A

A document that contains information, state, research and facts on a chosen field

28
Q

Market research

A

Gathering, presenting and analysing information about products/customers

29
Q

Market segmentation

A

Dividing a whole market into particular customer groups that have similar characteristics

30
Q

Market segments

A

An identifiable group of individuals/a part of the market where consumers share one or more characteristic or need

31
Q

Observations

A

Where market researchers watch the behaviour of customers

32
Q

Primary market research

A

Obtaining data first hand by the business to match the specific needs of the business

33
Q

Product orientation

A

When a business prioritises a products design quality or performance rather than meeting customer preferences to guide production and marketing decisions

34
Q

Qualitative research

A

Market research collected relating to the opinions and beliefs of consumers. Data not presented numerically.

35
Q

Quantitative research

A

Numerical information gathered and can be presented and analysed using graphs, charts, tables etc

36
Q

Respondent bias

A

When respondents respond inaccurately to a question for some reason

37
Q

Sample

A

A small group of people who must represent a proportion of a total market when carrying out market research

38
Q

Secondary market research

A

Data collected by another business or organisation but used by the business in question

39
Q

Segmentation

A

Dividing the market into groups of people with similar attributes or common characteristics

40
Q

Social networking

A

A platform such as Facebook, X and YouTube which can be used to market a businesses products/services

41
Q

Survey

A

A method of (primary) research used to collect information

42
Q

Test marketing

A

Trialling the product in a small area or to a limited number of users to assess the suitability of a product

43
Q

Trade publications

A

Specialist magazines that look at current trends in the business world

44
Q

Added value

A

The increase in value that a business creates when producing a product/service. The difference between the price the customer pays and the total cost of inputs needed to create a product

45
Q

Competitive advantage

A

A feature of a business and/or its products that enable it to compete effectively with rival producers/products

46
Q

Differentiation

A

Making products or services different or distinct from competing products/creating a USP

47
Q

Market mapping

A

A form of market positioning. It is the use of a 2-dimensional diagram that plots products or services in a market using two key variables. It is used to spot a gap in the market

48
Q

Market positioning

A

An effort to influence consumer perception of a brand or product, relative to the perception of competing brands or products

49
Q

Product differentiation

A

The act of distinguishing a product/service from competitors to make it more attractive to a particular target market

Business Theme 1 (6 decks)

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