AQA AS BUSINESS 7131/2 Paper 2 Business Exam Practice Questions

Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing programs.

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The four main types of market segmentation are demographic, geographic, psychographic, and behavioral segmentation.

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The marketing mix refers to the set of actions or tactics that a company uses to promote its brand or product in the market. It is often associated with the four Ps: Product, Price, Place, and Promotion.

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A SWOT analysis is a strategic planning tool that helps a business identify its internal Strengths and Weaknesses, as well as its external Opportunities and Threats.

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Economies of scale refer to the cost advantage that arises with increased output of a product. As production scales up, the cost per unit of output generally decreases due to efficiencies in production.

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Opportunity cost is the value of the next best alternative that is foregone when a particular decision is made. It represents the benefits that could have been obtained by taking a different decision.

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A stakeholder is any individual or group that has an interest in the activities and outcomes of a business. This includes employees, customers, suppliers, shareholders, and the community.

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Primary market research involves collecting new data directly from sources, typically through surveys, interviews, or experiments. Secondary market research involves analyzing existing data that has already been collected by others, such as reports, studies, or online databases.

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