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Business Studies IGCSEPDF 16
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● Random sample:
A sample where every member of the target population has an equal chance of
being selected.
● Quota sample:
A sample chosen based on specific characteristics such as age, gender, or
income.
● Product-oriented business:
A business that focuses mainly on producing and improving the product itself
rather than customer needs.
● Market-oriented business:
A business that researches customer needs before developing and producing
products.
● Marketing budget:
A financial plan showing how much money can be spent on marketing activities
over a certain period.
● The marketing mix:
The combination of factors that influence a customer’s decision to buy a product
— often called the four Ps: product, price, place, and promotion.
● Product:
The good or service offered to meet customer needs.
● Price:
The amount customers are charged for a product.
● Place:
The methods of distribution used to get the product from the producer to the
consumer.
● Promotion:
The activities used to raise customer awareness and encourage purchases.
● Unique Selling Point (USP):
A special feature of a product that makes it different from competitors’ products.
● Brand name:
The unique name of a product that distinguishes it from other brands.
● Brand loyalty:
When consumers repeatedly buy the same brand instead of choosing
competitors.
● Brand image:
The perception or identity that a product has in the minds of consumers.
● Packaging:
The physical container or wrapping of a product, used for protection and
promotional appeal.