1.1 Business key terms (part 1)

Question 1

market

Answer 1

all potential consumers who are willing and able to purchase goods and/or services

Question 2

marketing

Answer 2

a management process involved in identifying, anticipating and satisfying consumer requirements profitably

Question 3

mass market

Answer 3

a very large market with a very large consumer base, in which goods and services with mass appeal are targeted

Question 4

niche market

Answer 4

a smaller market, typically within a large market, that caters for specific target consumers in a market segment whose needs and wants are not met by the mass market

Question 5

market share

Answer 5

the proportion of total sales in a particular market for which one or more businesses or brands are responsible
it is expressed as a percentage and can be calculated by value or volume

Question 6

brand name

Answer 6

a name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from their rivals

Question 7

online retailing/e-tailing

Answer 7

the retailing of goods and services online