Practice Flashcards: A-Level Business: Marketing and the Market | Zestly

Question 1

Price elasticity of demand

Accepted Answer

A measure of the responsiveness of quantity demanded to a change in price. A common mistake is to confuse it with income elasticity.

Question 2

Income elasticity of demand

Accepted Answer

A measure of how quantity demanded changes in response to a change in consumer income. Students often mistakenly assume all goods have positive income elasticity.

Question 3

Market segmentation

Accepted Answer

The process of dividing a broad market into subsets of consumers with common needs. The mistake is to assume this is the same as targeting.

Question 4

Targeting

Question 5

Positioning

Question 6

Primary research

Question 7

Secondary research

Question 8

Sampling bias

Question 9

Product life cycle

Question 10

Extension strategy

Question 11

Marketing mix

Question 12

Brand loyalty