Callum Business 0.0 / 5 ? Business StudiesBusiness PlansA2/A-levelEdexcel Created by: CallumKayCreated on: 12-12-19 10:09 What is the formula for PED calculated by dividing the percentage change in quantity demanded by the percentage change in price. 1 of 10 Niche Market Small market with specific needs for specialised products or services. E.g. high quality chocolate. 2 of 10 Innovation Bringing a new idea into existence and using it. 3 of 10 Mass Market Large market where most people tend to buy same or similar products. E.g. laundry detergents. 4 of 10 Quantitative Research Analysis of numerical data. 5 of 10 Qualitative Research Customers' genuine opinions. Aims to understand customer behaviour. 6 of 10 Bias If the sample includes disproportionate number of people from a particular market segment. 7 of 10 Market Segmentation Way markets can be divided up, each with different customer preferences. E.g. income level or gender. 8 of 10 Product Differentiation When each business creates a distinctive product. This could be with unique features. 9 of 10 Market Map Plots brands in the market according to how they meet customers' needs. It uses two sets of criteria such as quality and prices. 10 of 10
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