Business - Theme 1 - Key terms

• What is a brand?

  A symbol, logo, or design that distinguishes products
• How does a brand distinguish a product?

  By using a unique design or logo
• What is competition in business?

  The rivalry among sellers to achieve goals
• What is a competitive market?

  A market with many rivals selling similar products
• Who is a competitor?

  A rival business offering similar goods or services
• What defines direct competition?

  Businesses producing similar products for the same customers
• What is a dynamic market?

  A market subject to rapid and continuous change
• What is indirect competition?

  Different businesses competing for the same customer experience
• What is innovation in business?

  The creation and implementation of new products or services
• What is market growth?

  An increase in demand or sales for a product
• What is market share?

  The percentage of the total market a business has
• How is market size measured?

  By total sales or customers in a market
• What is a mass market?

  A large unsegmented market with mass appeal products
• What is a niche market?

  A specialized area focusing on specific consumer needs
• What is online retailing?

  Selling goods and services on the internet
• What is product innovation?

  The development of products not previously available
• What is sales volume?

  The quantity of goods sold within a period
• How is sales volume calculated?

  Sales revenue divided by selling price
• What is uncertainty in business?

  The inability to predict future events and outcomes
• What are biased questions?

  Questions that do not reflect true audience views
• What is consumer behaviour?

  How consumers make decisions about products
• What are databases?

  An organized collection of data stored electronically
• What is a face-to-face survey?

  A research method with direct communication with respondents
• What is a focus group?

  A group discussing feedback about a product
• What is government data?

  Publications that businesses can use for research
• What is interview bias?

  When the interviewer's opinion affects the interviewee
• What is market orientation?

  Products based around customer needs and wants
• What are market reports?

  Documents containing information and research on a field
• What is market research?

  Gathering and analyzing information about products/customers
• What is market segmentation?

  Dividing a market into customer groups with similar characteristics
• What are market segments?

  Identifiable groups of individuals sharing characteristics
• What are observations in market research?

  Watching customer behavior to gather data
• What is primary market research?

  Data obtained firsthand by the business
• What is product orientation?

  Prioritizing product design over customer preferences
• What is qualitative research?

  Market research on consumer opinions and beliefs
• What is quantitative research data?

  Numerical information that can be analyzed graphically
• What is respondent bias?

  When respondents answer inaccurately for any reason
• What is a sample in market research?

  A small group representing a total market
• What is secondary market research?

  Data collected by another organization for use
• What is segmentation?

  Dividing the market into groups with common characteristics