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business > Theme 1 - Key Terms > Flashcards

Theme 1 - 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

A 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 / an appropriate

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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 e.g. netflix or the local cinema

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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 measured by value/volume

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13
Q

Mass market

A

A large unsegmented market where mass appeal products are on sale

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14
Q

Niche market

A

A specalist area of the market / is a subset of the market on which a specific producy focuses. It is a smaller segment of a larger market where customers 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 avalilable

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17
Q

Sales volume

A

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

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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 businesses control, even though these can be predictable

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19
Q

Biased questions

A

Where the findings do not give a true reflection of the views of the target audience on the product or services

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20
Q

Consumer behaviour

A

Observes how consumers make decisions about how they choose and use products or service

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21
Q

Databases

A

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

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22
Q

Face-to-face survey

A

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

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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
Interview bias
Where the opinion of the interviewer interferes with the judgements of the interviewee
26
Market orientation
When a businesseses product/services are based around the needs and wants of the customer
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 makret 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 characteristics 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 products design quality or performance rather than meeting customers preferences to guide production and marketing decisions
34
Qualitative research
Market reseaech collected relating to the opinions and beliefs of consumers. Data not represented numerically
35
Quantitative research data
Numerical information gathered and can be presented and analysed using graphs, charts, tables etc
36
Respondant bias
When respondants respond inaccuratley to a question for somr 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 youtube to market a businesses product/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 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
Competitive advantage
A feature of a business and/or its products that enable it to compete effectivley with rival producers / products
46
Differentiation
Making products or services different or distinct from competing products/ creating a USP
47
Market mapping
A form of market positioning. It is the use of a 2-dimenstional diagram that plots products or services in a market using two key variables. It is used to spot a gap in the market
48
Market positioning
An effort to influence consumer perception of a brand or product, relative to the perception of competing brands or products
49
Product differentiation
The act of distinguishing a product/service from competitors to make it more attractive to a particular target market
50
Complementatry goods
Products consumed/used together so they are purchased together
51
Consumer income
The money earned/recieved from work/investments
52
Demand
The quantity of goods/services that a consumer is willing to buy at a given price and given time
53
Demographics
The structure of the population such as age, gender and geographical distribution
54
External shocks
Factors beyond the control of a business
55
Seasonality
When demand rises or falls at a particular times of the year according to seasonal factors
56

business (25 decks)

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