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It is a smaller segment of a larger market where consumers have specific needs and wants. | 1 | 1.1.1 |\n|  | A specialised section of the market where customers have specific needs/wants. |  |  |\n|  | A small section of a market with distinctive specialised requirements |  |  |\n| Online retailing | Selling goods and services on the internet | 1 | 1.1.1 |\n| Product innovation | The development/creation of products not previously available | 1 | 1.1.1 |\n| Sales volume | The quantity of a good or service sold within a period of time. Calculation Sales revenue/selling price | 1 | 1.1.1 |\n| Uncertainty | The inability to predict/a lack of knowledge about future events and outcomes/reasons for uncertainty. Is caused by unexpected often external factors outside the business’s control, even though sometimes these can be predictable | 1 | 1.1.1 |\n| Biased questions | Where the questions do not produce findings that give a true reflection of the views of the target audience on the product or service | 1 | 1.1.2 |\n\nPearson Edexcel AS/A Level Business – Key terms Version 2.0  \n| Consumer\u003Cbr>behaviour | How consumers make decisions about how they choose and use products or services | 1 | 1.1.2 |\n| --- | --- | --- | --- |\n| Databases | An organised collection of data stored electronically with instant access, searching and sorting facilities | 1 | 1.1.2 |\n| Face-to-face survey | A research method used where the interviewer communicates directly with the respondent using a questionnaire. | 1 | 1.1.2 |\n| Focus group | A group of people who participate in a discussion as part of market research to give feedback about a product or service | 1 | 1.1.2 |\n| Government data | Government publications that a business can use such as the census of the population | 1 | 1.1.2 |\n| Interview bias | Where the opinion of the interviewer interferes with the judgements of the interviewee | 1 | 1.1.2 |\n| Market orientation | When a business’s products/services are based ","cbCaifl7XRqwQ8K0","https://ap.wps.com/l/cbCaifl7XRqwQ8K0","pdf",296558,"English","# Key terms\n## Marketing and markets\n## Competition and innovation\n## Market research methods and bias","[{\"question\":\"What is the difference between direct competition and indirect competition?\",\"answer\":\"Direct competition occurs when businesses produce similar products for the same group of customers. Indirect competition occurs when different businesses compete for the same customer experience, even if their products are not the same type (e.g., Netflix and a local cinema).\"},{\"question\":\"How do qualitative and quantitative research differ?\",\"answer\":\"Qualitative research relates to opinions and beliefs and is not presented numerically. Quantitative research data is numerical information that can be presented and analysed using graphs, charts, and tables.\"},{\"question\":\"What does market segmentation mean?\",\"answer\":\"Market segmentation is dividing a whole market into particular customer groups with similar characteristics. Market segments are identifiable groups within the market where consumers share one or more characteristics or needs.\"}]","Theme 1 - key terms | PDF",1790886440,25]