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AS Business > Theme 1 Keywords > Flashcards

Theme 1 Keywords Flashcards

1
Q

What’s a brand?

A

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

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2
Q

What’s a 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

Whats the competitive market?

A

When there are many rivals selling similar products

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4
Q

Whats a competitor?

A

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

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5
Q

Whats direct competition?

A

Businesses produce similar products that appeal the same
group of customers

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6
Q

Whats a dynamic market?

A

A market that is subject to rapid/continuous change.

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7
Q

Whats 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 and the local cinema

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8
Q

Whats innovation?

A

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

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9
Q

What is a market?

A

Where buyers and sellers interact

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10
Q

What is market growth?

A

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

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11
Q

What is market share?

A

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

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12
Q

What is market size?

A

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

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13
Q

What is market mass?

A

A large unsegmented market where mass appeal products are on sale

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14
Q

What is a niche market?

A

A specialist area of the market/is a subset of the market on which a specific product focuses. It is a smaller segment of a
larger market where consumers have specific needs and wants.

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15
Q

What is online retailing?

A

Selling goods and services on the internet

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16
Q

What is production innovation?

A

The development/creation of products not previously available

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17
Q

What is sakes 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

What is 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 sometimes these can be predictable

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19
Q

What is biased questions?

A

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

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20
Q

What is consumer behaviour?

A

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

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21
Q

What are databases?

A

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

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22
Q

What is a 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

What is a 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

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23
Q

What is interview bias?

A

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

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23
Q

What is government data?

A

Government publications that a business can use such as the census of the population

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24
Q

What is market orientation?

A

When a businesses products/services are based around the needs and wants of the customer

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25
Q

What are market reports?

A

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

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26
Q

What is market research?

A

Gathering, presenting and analysing information about
products/customers

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27
Q

What is market segmentation?

A

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

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28
Q

What are market segments?

A

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

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29
Q

What are observations?

A

Where market researchers watch the behaviour of customers

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30
Q

What is primary market research

A

Obtaining data first hand by the business to match the specific needs of the business. It can also be known as field research

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31
Q

What is product orientation?

A

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

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32
Q

What is qualitive research?

A

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

33
Q

What is quantitive research data?

A

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

34
Q

What is respondent bias?

A

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

35
Q

What is a sample?

A

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

36
Q

What is secondary market research?

A

Data collected by another business or organisation but used by the business in question. Also known as desk research

37
Q

What is segmentation?

A

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

38
Q

What is social networking?

A

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

39
Q

What is a survey

A

A method of (primary) research used to collect information

40
Q

What is test marketing?

A

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

41
Q

What are trade publications?

A

Specialist magazines that look at current trends in the business world

42
Q

What is 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

43
Q

What is a competitive advantage?

A

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

44
Q

What is differentiation?

A

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

45
Q

What is 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

46
Q

What is market positioning?

A

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

47
Q

What is product differentiation?

A

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

48
Q

What are complementary goods?

A

Products consumed/used together, so they are purchased together

49
Q

What is consumer income?

A

The money earned/received from work/investments

50
Q

What is demand?

A

The quantity of goods/ services that a consumer is willing to buy at a given price and at a given time

51
Q

What are demographics

A

The structure of the population such as age, gender and geographical distribution

52
Q

What are external shocks?

A

Factors beyond the control of a business

53
Q

What is seasonality?

A

When demand rises or falls at particular times of the year
according to seasonal factors

54
Q

What are substitutes?

A

Goods that can be bought as an alternative to others, but
perform the same function

55
Q

What are government subsides?

A

A payment given to producers, usually to encourage production
of a certain good

56
Q

What are indirect taxes?

A

Taxes imposed by the government on spending e.g. VAT and Excise duties. Responsibility for payment lies with the business

57
Q

What is supply?

A

The amount that producers are willing/able to produce at a given price/over a given period of time

58
Q

What is the equilibrium price?

A

The price where supply and demand are equal. Also known as market clearing price

59
Q

What are non price factors

A

Factors other than price e.g. Change in consumer incomes, advertising and seasonality

60
Q

What are shortages in markets?

A

Where demand exceeds supply

61
Q

What are surplus’ in markets?

A

Where supply exceeds demand

62
Q

What is luxury?

A

Goods that consumers like to buy if they can afford them eg air travel and fashion items

63
Q

What is a necessity?

A

Basic good that consumers needed to buy e.g. food electricity and water

64
Q

What is price elastic?

A

Demand is responsive to a change in price

65
Q

What is price elasticity of demand (PED)?

A

Measure the responsiveness of the change in price and is always negative due to laws of demand

66
Q

Is price inelastic?

A

Demand the product is less responsive proportionately to a change in price

67
Q

What is income elasticity of demand (YED)?

A

Measures responsiveness of changes in demand to changes in consumer income

68
Q

What are inferior goods?

A

When incomes increase is a decrease in the month, e.g. Budget goods

69
Q

What is the marketing mix?

A

This is a plan for you in the right blend of product press permission and place an order to maximise sales

70
Q

What are social trends?

A

These are changing patterns and consumer behaviour reflected and changing demands e.g. increased the use of social media/being environmentally friendly

71
Q

What are aesthetics?

A

Release to the appearance of a product

72
Q

What is cost (design mix)?

A

When the business focuses on being economically viable, therefore they aim to minimise costs

73
Q

What is design for recycling?

A

Producing product using materials that have been discarded as waste and recycled

74
Q

What is the design for reuse?

A

When materials used the initial product are utilised again in the future beyond their initial intended use

75
Q

What is designed for waste minimisation?

A

Reducing the quantity of resources that are discarded in the production process

76
Q

What is the design mix?

A

The combination of factors needed in designing a product and include aesthetics, function and economic manufacture

77
Q

What is ethical sourcing?

A

When the business buys materials are produced with fair work condition/pay and minimum impact in the environment

78
Q

What is function?

A

Relate to the quality and reliability of a product

79
Q

What is rebranding?

A

A marketing strategy in which a new name, term, symbol, design or combination is created for an established brand of the intention of developing a new differentiated identity in the mind of consumers, investors, and/or competitors

80
Q

What is resource depletion?

A

The using up of natural resources

81
Q

What is advertising?

A

They paid for most communication, used by business to raise customer awareness of its products, services and brands, to persuade purchases to be made

AS Business (2 decks)

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