Business level 2 Learning Aim A

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This is a Business level 2, unit 9, Learning Aim A

Resource summary

Question Answer
Advertising model Focus is on obtaining revenue from adverts and sponsors. Revenue comes from advertising
Aims Overall goals, that a business wants to achieve in order to succeed
Brand Dimension These are the components that make the brand distinctive and give it an identity
Branding To make a particular item or service instantly recognisable and memorable
Business model Is the way in which a business makes money and adds value
Business 2 Business Is selling to another business
Business 2 Consumer Is business selling to individuals or households
Capital and Consumer market These are the machines and tools used by industry during production
Competitive advantage The advantage gained by offering more superior goods or services than competitors
Consumbles Goods that are replaced regularly, such as soap or toothpaste
Consumer A private individual who buys and uses goods and services
Corporate Objective The actions necessary to achieve the aims set by the business
Customers Are people who purchases for themselves or for others
Market Is any place, where buyers and sellers meet to trade products
Market share Is the percentage of the total sales of a product accounted for by one company
Marketing The management process through which goods and services move from concept to the customer
Marketing model Focus is on meeting customer needs and building customer relationships. Revenue comes from sales to loyal customers
Marketing plan The document which sets out the marketing activities necessary to achieve the business aims
Market-Orientated business A business that identify the needs and wants of their prospective customer and the make their product to meet these
Mass market Is the largest market possible for a product
Niche market Is a small market that meets specific customer needs
Product-Orientated business A business that focus on their areas of expertise to produce innovative items
Sales model Focus is on selling goods. Revenue comes from sales
SMART Specific Measurable Achievable Realistic Time-Related
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