Aqa A Level Business - Unit 3 Questions And Answers 100% Verified A+ Guaranteed

Socio Economic Status {Ans: Segmentation method using income}INCOME {Ans: Segmenting markets in relation to household incomes}Primary market research {Ans: research collected first-handed by the business itself, e.g. surveys + Reliable, valid and up to date - Expensive, difficulties in making analysis}Qualitative {Ans: Opinions + Great insights, may highlight issues business unaware of - Expensive to collect, difficult to analyse, small sample}Market growth {Ans: ((market size in year - market size in previous year)/market size in previous year) * 100}INCOME ELASTICITY of DEMAND {Ans: The sensitivity to quantity demanded for a good or service to a change in the disposible income of the people demanding the good}Segmentation {Ans: Finding ways to divide a market up to identify untapped opportunities, among older consumers. This offers up the possibility of new targets and a new positioning within the market.}Quantitative {Ans: Numerical data from e.g. multiple choice questions, made on a mass scale + Concise data, easy to analyse - Answers 'what' not 'why'}Promotion (7Ps) {Ans: Marketing managers must create then communicate an image for the product using e.g. advertising or PR to the right target audience Attention Interest Desire Action}Market mapping {Ans: Identifies