Theme 1 key terms (some repeats) Flashcards
Brand
A symbol, logo or design that is recognisable and
distinguishes a product from competitors
A unique design/sign/symbol/words/logo which makes it 1 1.1.1
recognisable/distinguishes/differentiates it from its
competitors
Competition
The rivalry among sellers trying to achieve goals such as
Competitive market
When there are many rivals selling similar products
Competitor
A rival business operating in the same market offering similar
goods or services
A rival business operating in the same marke
offering similar goods or services e.g. KFC and McDonalds
Direct competition
Businesses produce similar products that appeal to the same
Dynamic market
A market that is subject to rapid/continuous change.
Indirect competition
Different businesses make or sell products that are not in
direct competition but compete for the same customer
experience e.g. Netflix and the local cinema
Innovation
The creation, development and implementation of a new
product, process or service.
Creating a new idea/product/process and turning it into a
marketable/sellable product/service
Putting new ideas/designs into action
Market
Where buyers and sellers interact
Market growth
An increase in demand/sales for a particular product/service
Market share
The % of the total market a business has in terms of volume
or value
Market size
Mass market
Niche market
Online retailing
Product innovation
Sales volume
Uncertainty
Biased questions
Consumer
behaviour
Databases
Face-to-face
survey
Focus group
Government data
