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Business Theme 1 Key Terms
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Ellie W
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Cards (261)
What is a brand?
A symbol, logo or design that
distinguishes
a product from competitors
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How does a brand help consumers?
It makes a product
recognizable
to consumers from its competitors
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What is competition in a market context?
The
rivalry
among
sellers
trying to achieve goals such as increasing profits
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What are the goals of competition among sellers?
To increase profits,
market share
, and
sales
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What defines a competitive market?
Many
sellers selling
similar
products
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Who is a competitor in business terms?
A
rival
business operating in the same
market
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What is direct competition?
A
rival
business offering similar goods or services in the
same
market
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What characterizes a dynamic market?
A market that is subject to
rapid
and continuous change
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What is indirect competition?
Different businesses that compete for the
same
customer but sell
different
products
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What is innovation in a business context?
The
creation
, development, and
implementation
of new products,
processes
, or ideas
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What is a market?
A place where
buyers
and
sellers
meet
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What does market growth refer to?
An increase in the
demand
for a product
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How is market share defined?
The
percentage
of total sales
revenue
for a product accounted for by a specific business
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What does market share compare?
A specific business's sales
revenue
to its competitors
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What is the plural term for market?
Markets
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What is the significance of markets in business?
They facilitate the
meeting
of
buyers
and
sellers
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What is a competitor in business terms?
A
rival business
operating in the same
market
offering similar goods or services
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What is direct competition?
Businesses that directly compete for the same group of
customers
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What characterizes a dynamic market?
A market that is subject to
rapid change
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What is indirect competition?
Businesses that do not directly compete but offer different goods and services for the same
customers
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What is an example of indirect competition?
Competition between a local cinema and a new video game
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What does innovation refer to in a business context?
Creating a new
product
,
process
, or
service
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What is meant by the term market?
The
available
products and services for
sale
in a market
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What does market growth indicate?
An increase in the total
demand
for particular products or services
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How is market share defined?
The
proportion
of the total market a business has in terms of
sales revenue
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What does market size refer to?
A large or total
area
that a business operates within or total market
potential
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What is a mass market?
A very
large
market area where most customers have
similar
needs
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What is a niche market?
A
smaller
section of a mass market where customers have
specific
needs and preferences
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What is product innovation?
A
new
or
improved
product that appeals to customers
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What does sales volume refer to?
The
quantity
of a product sold within a
specific
time period
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What is
uncertainty
in a business context?
The lack of knowledge about the future
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What is the definition of consumer behaviour?
How consumers make
decisions
about how they
choose
and
use
products.
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What is a database?
An organised
collection
of
data
stored
electronically
.
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What is face-to-face research method?
A method where the
interviewer
communicates
directly
with the
respondent
using a questionnaire.
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What is a focus group?
A group of people who participate in a
discussion
for research purposes.
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What is government data?
Government
publications
that are used for
research
and
analysis.
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What is interview bias?
Where the person conducting the interview influences the
responses
of the
interviewee
.
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What does
market
orientation mean?
When a business focuses on the needs and wants of the
consumers
.
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What are
market reports
?
Documents that provide information about
market conditions
and trends.
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What is market research?
The process of gathering,
analyzing
, and
interpreting
information about a market.
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See all 261 cards
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