Business Studies

Question	Answer
Market Mapping What does it mean? Marketing Segment What is the definition?	Market mapping helps the business to identify market segments and position their products through identifying gaps in the market. Market Segment is a group of buyers with similar characteristics and buying habits.
What is Branding?	A brand is named product that customers see as being different from other products, and that they can associate or identify with.
Added Value	Is the increased worth that the business creates for a product; it is the difference between what business pays its suppliers and the price that it is able to charge for the product
Franchise	It is the right given by one business to other businesses to sell goods or services using its name. The businesses that buy into a franchise remain as independant
Franchiser and Franchisee	Franchiser is the business that gives franchisees the right to sell its its product or service. Franchisee is a business that agrees to manufacture,distribute or provide a branded product, under licence by a franchisor
Benefits of a Franchise.	1) There is a higher chance of of survival. 2) Possibly an established customer base. 3) Specific support and training provided. 4) Expensive marketing costs covered by the franchise.

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	Created by nicolezindi about 9 years ago