Business studies A-level Edexcel, covering details notes as question form with accurate definitions and keywords, the notes were checked and approved by reputable teachers and Full Graded, the language is set to UK English, all keywords and tags are highlighted ( with color code label), checked gra...
1. What is the formula to calculate percentage change?
Answer: percentage change = new number - old number ✕ 100
old number
2. Define the term “Market”
Answer: Market refers to any places where buying and selling takes place.
3. Define the term “Niche Market” & “Niche Marketing”
Answer: Niche Market: Refers to small markets.
Niche Marketing: Refers to selling goods and services within a large
market.
4. Define the term “Mass Market” & “Mass Marketing”
Answer : Mass Market: Refers to large market
Mass Marketing:Refers to selling goods and services to a large
market. [due to higher Revenue and Sell]
5. Define the term “Market Size” and how can we measure it?
Answer: Market Size refers to the total value or volume of demand for a
product or service within a specific market over a certain period. [It helps businesses
understand the potential for sales and growth in that market.]
The size of the market is estimated by the total sales of all businesses in the market.
Market size is usually estimated in a number of ways:
1)Value: This measures the total revenue generated by all companies in the market.
[It’s usually in monetary terms] (e.g., £10 million).
,2)Volume: This counts the total number of units sold within the market (e.g., 100,000
smartphones).
6. Define the term “Market Share”
Answer: 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.]
7. Define the term “Brands” and how does branding help?
Answer: Brands refers to a name , term, sign , symbol , design, logo or any
other feature that allows consumers to identify the goods and services of a business and
to differentiate them from those of competitors.
8. Define the term ‘dynamic market’
Answer: Dynamic Market is one that is continuously changing due to factors
like shifting consumer preferences, technological advancements, and increased
competition and businesses operating in dynamic markets need to constantly adapt to
these changes to remain competitive. [Firms must adapt quickly to stay competitive.]
9. Define the term online retailing
Answer:Refers to shoppers ordering goods online and taking the delivery at
home by using the internet.
10. Benefits of Online Retailing for Retailers and Consumers, as well as drawbacks of
online retailing for retailers and consumers.
Answer: In today's world sellers and buyers buy goods and services online by
online retailing and e-commerce platforms, however there are many setbacks along
with upsides: Benefits of online retailing for consumers:
1) Convenience: Online retailing offers unparalleled convenience as consumers can
shop 24/7 from the comfort of their homes. This eliminates the constraints of physical
store hours and travel time, allowing for a more flexible shopping experience.
Additionally, consumers can easily compare products and prices across various
retailers without the need to physically visit multiple stores.
2)Wide Selection: Online platforms provide access to a vast array of products and
brands that might not be available locally. This broad range includes items from
, different geographical locations, enabling consumers to find specialty or niche
products that may not be stocked in their nearby physical stores. This extensive
selection enhances the variety and choice available to consumers.
3)Reviews and Ratings: Online shopping platforms typically include consumer
reviews and ratings for products, offering valuable insights into product quality and
performance. These reviews help consumers make more informed purchasing
decisions by providing feedback from other buyers who have firsthand experience with
the products.
4)Accessibility: Online retailing improves accessibility by allowing consumers to shop
from anywhere in the world, overcoming geographical limitations. It also benefits
individuals with disabilities by providing a more accessible shopping experience
compared to physical stores, which may have barriers to entry for some shoppers.
5)Personalization: Online retailers use algorithms to offer personalised
recommendations based on consumers’ past browsing and purchasing behaviour. This
personalization enhances the shopping experience by suggesting products that align
with individual preferences and interests. Additionally, many online stores offer
customizable and made-to-order products, allowing consumers to tailor items to their
specific needs.
Benefits of online retailing for retailers:
1)Data Collection and Targeting: It is easier to gather personal information from
customers so that they can be targeted with other products and offers in the future.
2)Reduced Selling Costs: selling costs, such as sales staff, rent and other store
overheads can be avoided. The savings might be enormous and allow online retailers to
charge lower prices.
3)Lower Marketing Costs: Marketing costs will also be lower. It is so much cheaper,
for example, to send marketing messages by email to 1000 customers than it is to send
a 1000 newsletter by post.
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