EDEXCEL Business Studies Key word topic 1 0.0 / 5 ? Business StudiesMarketing and competitive environmentsMarketing mixA2/A-levelEdexcel Created by: ellaalevelCreated on: 25-01-19 11:57 Quantitative Data Involves gathering data and measuring responses. 1 of 9 Qualitative Data Seeks to gather and explore feelings and thoughts about products from consumers. 2 of 9 Product Differentation Where a product is differs from the competitors in some way. 3 of 9 Adding Value The difference between the price that is charged to the customer and the cost of inputs required to make it. 4 of 9 Substitute Good Substitute goods are two alternative goods that could be used for the same purpose. 5 of 9 Complement Good Complementary goods are products which are used together. E.g Tennis balls and tennis rackets. 6 of 9 Inferior Good Characterised by low quality – and are goods with better alternatives. 7 of 9 Luxury Good High quality with lower quality alternatives. 8 of 9 Supply Quantity of a good or service that a producer is willing and able to make available on the market, at a given price, over a given period of time. 9 of 9
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