A level Business - Unit 3 Latest Exam Questions With Guaranteed Pass Solutions.
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Course
A-level BUSINESS
Institution
A-level BUSINESS
Price taker - Answer A business must accept the SPPU due to little ability to compete with the price maker
Necessity Goods - Answer Demand increase proportionally less than income
Product life cycle - Answer Theory that sales of all products follow a similar pattern over time - devel...
A level Business - Unit 3 Latest Exam
Questions With Guaranteed Pass
Solutions.
Price taker - Answer A business must accept the SPPU due to little ability to compete with the price
maker
Necessity Goods - Answer Demand increase proportionally less than income
Product life cycle - Answer Theory that sales of all products follow a similar pattern over time -
development, introduction, growth, maturity and decline
Brand - Answer A name, sign, symbol, slogan that is recognizable
Builds customer loyalty to brand
Socio Economic Status - Answer Segmentation method using income
Market targeting - Answer Deciding which part of the population to target
Market positioning - Answer Where a product stands in relation to competitors
Sales volume - Answer Number of items sold in a certain time period
Sales value - Answer Volume sold x Selling price
Primary market research - Answer research collected first-handed by the business itself, e.g. surveys
+ Reliable, valid and up to date
- Expensive, difficulties in making analysis
, Quantitative - Answer Numerical data from e.g. multiple choice questions, made on a mass scale
+ Concise data, easy to analyse
- Answers 'what' not 'why'
Qualitative - Answer Opinions
+ Great insights, may highlight issues business unaware of
- Expensive to collect, difficult to analyse, small sample
Market mapping - Answer Identifies features of a market
Can find gaps in market
Good starting point for research
Confidence levels - Answer Margin of error in figures
Shows accuracy of sample
Correlation - Answer Strength of relationship between data sets
Technology to collect data - Answer Easy to collect
(Fast, accurate, lots of data)
(Data overload and finding correlations)
Competitiveness - Answer Measures a firms ability to offer a better combination of price and quality
than its rivals
USP - Answer A point of genuine difference that makes one product stand out from the crowd
Marketing Objectives - Answer Targets set for the marketing department to help meet the goals of the
organisation as a whole, e.g. increase brand loyalty
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