Edexcel Business Theme 1 2022 AI

Niche market is

• Unsegmented

• Small

• smaller segment of a larger market, where customers have specific needs and wants

• largest part of the market, where there are many similar products on offer

Market share is

• quantity of total market sales of a product/business

• share of the total market that is owned by a product/business

• sales revenue of a product/business

• share capital of a business

Innovation in a dynamic market can best be described as...

• Can result in added value

• Newly invented product

• Enables firms to charge higher prices

• Better or improved product

Qualitative research using a focus group will require

• Random sampling

• Stratified/Quota sampling

• Statistical numerical analysis

• a product orientated approach

"examining customer purchasing patterns and looking at the demographics and psychographics of customers to build predictive profiles" can best be described as

• Product orientated approach

• Use of social networking to support market research

• Database marketing

• Market mapping

"splitting up a market into different types of customers to enable a business to better target its products to the relevant customers" can best be described as

• Market Positioning

• Market segmentation

• Market Mapping

• Market Research

Which of the following will shift supply to the right

• Increase in wages

• Introduction of new technology

• Increase in indirect tax

• Increase in flooding

Which of the following which shift supply left

• Fall in cost of production

• Cut in indirect tax

• Cut in government subsidies

• Improvement in delivery time by suppliers

Intermediaries are

• a form of direct marketing

• Producers and wholesalers

• Wholesalers and retailers

• Retailers and consumers

Which of the following illustrates a change in distribution to reflect social trends:

• Disney streaming service rather than selling DVDs

• BP moving from oil-based energy to solar-powe energy

• Gymshark advertsiing on TikTok

• BMW (Munich) have a quota of at least 30% women on their board of directors