Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Business - Theme 1 > Theme 1.1 > Flashcards

Theme 1.1 Flashcards

1
Q

What is a Mass Market

A

Goods produces in large quantities for a wide range of customers

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

What is a Niche Market

A

Goods produced in smaller quantities for a specialised market

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

What is Market Share

A

The proportion of the market a single business or brad is responsible for.

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

What are the advantages of a Mass Market

A
  • Large customer base
  • Large scale production - economies of scale
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the disadvantages of a Mass Market

A
  • High levels of competition
  • Less flexible to a change in demand
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the advantages of a Niche Market

A
  • Lack of competition
  • Can charge premium prices
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the disadvantages of a Niche Market

A
  • Less customers - may be hard to survive
  • High production costs - products not mass produced.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a Dynamic Market

A

A market that is constantly changing

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

What is E-commerce

A

(Electronic commerce)
Buying and selling of goods and services over an electronic network

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

What are the advantages of E-Commerce

A
  • Easily accessible of customers
    -Reaches a large audience
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the disadvantages of E-Commerce

A

-Can lead to higher chance of fraud
-Can’t build a connection with customers like face-to-face can

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

4 Reasons for markets changing

A
  • Social trends
    -Changed in technology
    -Competition
    -Changes in income
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is competition

A

Other companies in the same market who sell similar products

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

What is a Direct Competitor

A

Businesses in thee same market that sell similar products

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

What is an Indirect Competitor

A

Businesses in the same market but don’t sell similar products

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

What is Price

A

The value at which a product or service is offered to customers

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

What is Risk

A

The possibility of something bad happening

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

What is Uncertainty

A

Being unsure of the factors influencing sales (unable to predict what will happen)

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

What is Market Research

A

The action or activity of gathering information about consumers needs and preferences

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

What are advantages of Market Research

A

-Increased customer loyalty (Their preferences are being used)
-Decreased product failure

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

What are the disadvantages of Market Research

A

-People may not give their honest opinions
-People may feel pressured to give certain answers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is Reliability

A

Consistency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is Validity

A

Accuracy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is Primary Research

A

(Field Research)
Data which is obtained first-hand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What is Secondary Research
(Desk Research) Collection of data that already exists
26
What is Quantitative Data
Research that is interpreted in numerical form
27
What is Qualitative Data
Research that is based on thoughts, feelings and emotions
28
How do you gain Qualitative Data
Closed ended questions (set answers, limited answers)
29
How do you gain Qualitative Data
Open ended questions (open to interpretation)
30
What are the advantages of Primary Research
- Information is specific to the business - Data is up-to-date with the current market
31
What are the disadvantages of Primary Research
- Can be expensive - May be biased
32
What are the advantages of Secondary Research
- Cheaper than primary - Quick to collect
33
What are the disadvantages of Secondary Research
- Isn’t specific to the business - Can take longer to analyse
34
Examples of Primary Research
- Focus groups - Surveys - Questionnaires
35
Examples of Secondary Research
- Researching competitors - Government information
36
What are the advantages of Qualitative data
- Lots of detail - clear what consumers want - Allows new ideas to be taken into account
37
What re the disadvantages of Qualitative Data
- Can be time consuming to analyse - Lots of different views - harder to make decisions.
38
What are the advantages of Quantitative Data
- Easy to analyse data - Answers can be generalised
39
What are he disadvantages of Quantitative Data
- Less room for new ideas - Limited depth
40
Examples of Qualitative Data
“Can you describe the…?”
41
Examples of Quantitative Data
“On a scale of one to ten…”
42
What is Human Behaviour
How people act
43
What is a Sample Size
How many people are asked
44
What is Bias
Asking certain questions to get certain answers
45
What are the advantages of IT in Market Research
- Cost effective to make surveys - Surveys are easy to respond to
46
What are the disadvantages of IT in Market Research
- People may not respond to the email sent - People may not be truthful
47
What uses to websites have
- Feedback - Tracking consumer behaviour - Looking at competitors
48
What is Product orientation
When a business places emphasis on the production process and not the product
49
What is Market Orientation
When a business places emphasis on placing the consumer at the centre of the decision making
50
What are the advantages of Product Orientation
- Allows business to focus on product quality and innovation - Reputation for high quality due to high levels of production development
51
What are the disadvantages of Product Orientation
- Can be seen as inflexible - Productions may be well admired but not sell well
52
What are the Advantages of Market Orientation
- Data collection can be used post launch to improve customer service - Greater responsiveness to change in customer needs
53
What are the disadvantages of Market Orientation
- Less innovation within the business - Consumers desires are not fixed so may change
54
What is Market Segmentation
Part of a hole market where a particular customer group has similar characteristics
55
What are the 4 types of Market Segmentation
- Geographic - Demographic - Psychographic - Behavioural
56
What is Geographic Segmentation
Dividing your audience based on their geographic location
57
What is Demographic Segmentation
Groups customers together based on certain traits (age, gender, income, occupation)
58
What is Psychographic Segmentation
Grouping customers depending on their psychological characteristics (social status, interests, hobbies)
59
What is Behavioural Segmentation
Grouping customers based on their behaviour (purchasing behaviour)
60
Advantages of Market Segmentation
- Different products for different segments increases revenue - Loyal customers - more people will come back
61
What are the disadvantages of Market Segmentation
- Some methods may not apply to all products - Markets (and their segments) are increasingly dynamic
62
What is Sampling
Gathering Data from a sat of respondents
63
What are the advantages of Sampling
- Small, representative samples callum provide useful insights - Can reduce risk and costs
64
What are the disadvantages of Sampling
- Samples may be unrepresentative (leading to false conclusions) - Risk of Bias
65
Types of sampling
- Random sampling - Quota sampling - Stratified sampling
66
What is Market Mapping
Allows businesses to position their brand in the market or find gaps in the market to launch new products
67
68
What are the advantages of Market Mapping
- Easily spot market gaps - Can analyse competitors
69
What are the advantages of Market Mapping
- Just because there’s a ‘gap’ doesn’t mean there’s demand -Not guarantee of success.
70
What is Market Positioning
The view consumers have about the quality, value for money and image of a product in relation to those of their competitors
71
What is a Competitive Advantage
When a business stands out from their competitors, it can create a competitive advantage
72
What is Added Value
Increasing the worth of a product allows a business to charge more for the product
73
Ways to add value
- Bundling - Customer service - Speed of response - Packaging - Frequent buy options
74
What are the advantages of Added Value
- Can increase revenue - Customers may feel the product is personalised for them
75
What are the disadvantages of Added Value
- Difficult to justify the added value - Production costs may be higher
76
What is Product Differentiation
Making your products or services stand out from competitors
77
What are the advantages of Product Differentiation
- Can help attract and retain customers - Can help enhance brand image
78
Disadvantages of Product Differentiation
- Revenue increases are not guaranteed - May cost more to differentiate products
79

Business - Theme 1 (3 decks)

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