Business Theme 1 Key Terms

    Cards (261)

    • What is a brand?
      A symbol, logo or design that distinguishes a product from competitors
    • How does a brand help consumers?
      It makes a product recognizable to consumers from its competitors
    • What is competition in a market context?
      The rivalry among sellers trying to achieve goals such as increasing profits
    • What are the goals of competition among sellers?
      To increase profits, market share, and sales
    • What defines a competitive market?
      Many sellers selling similar products
    • Who is a competitor in business terms?
      A rival business operating in the same market
    • What is direct competition?
      A rival business offering similar goods or services in the same market
    • What characterizes a dynamic market?
      A market that is subject to rapid and continuous change
    • What is indirect competition?
      Different businesses that compete for the same customer but sell different products
    • What is innovation in a business context?
      The creation, development, and implementation of new products, processes, or ideas
    • What is a market?
      A place where buyers and sellers meet
    • What does market growth refer to?
      An increase in the demand for a product
    • How is market share defined?
      The percentage of total sales revenue for a product accounted for by a specific business
    • What does market share compare?
      A specific business's sales revenue to its competitors
    • What is the plural term for market?
      Markets
    • What is the significance of markets in business?
      They facilitate the meeting of buyers and sellers
    • What is a competitor in business terms?
      A rival business operating in the same market offering similar goods or services
    • What is direct competition?
      Businesses that directly compete for the same group of customers
    • What characterizes a dynamic market?
      A market that is subject to rapid change
    • What is indirect competition?
      Businesses that do not directly compete but offer different goods and services for the same customers
    • What is an example of indirect competition?
      Competition between a local cinema and a new video game
    • What does innovation refer to in a business context?
      Creating a new product, process, or service
    • What is meant by the term market?
      The available products and services for sale in a market
    • What does market growth indicate?
      An increase in the total demand for particular products or services
    • How is market share defined?
      The proportion of the total market a business has in terms of sales revenue
    • What does market size refer to?
      A large or total area that a business operates within or total market potential
    • What is a mass market?
      A very large market area where most customers have similar needs
    • What is a niche market?
      A smaller section of a mass market where customers have specific needs and preferences
    • What is product innovation?
      A new or improved product that appeals to customers
    • What does sales volume refer to?
      The quantity of a product sold within a specific time period
    • What is uncertainty in a business context?

      The lack of knowledge about the future
    • What is the definition of consumer behaviour?
      How consumers make decisions about how they choose and use products.
    • What is a database?
      An organised collection of data stored electronically.
    • What is face-to-face research method?
      A method where the interviewer communicates directly with the respondent using a questionnaire.
    • What is a focus group?
      A group of people who participate in a discussion for research purposes.
    • What is government data?
      Government publications that are used for research and analysis.
    • What is interview bias?
      Where the person conducting the interview influences the responses of the interviewee.
    • What does market orientation mean?

      When a business focuses on the needs and wants of the consumers.
    • What are market reports?

      Documents that provide information about market conditions and trends.
    • What is market research?
      The process of gathering, analyzing, and interpreting information about a market.
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