1.1 Keywords - Spotting a business opportunity

Flashcards by Mr_Lambert_Hungerhil, updated more than 1 year ago
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GCSE Business studies Flashcards on 1.1 Keywords - Spotting a business opportunity, created by Mr_Lambert_Hungerhil on 01/21/2016.

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Question Answer
Supplier A business which sells (or supplies) products to another business.
Customer Any person or organisation which buys or is supplied with a product or by a business.
Consumer The person who ultimately uses (or consumes) a product.
Customer Needs The wants and desires of buyers of a product or the customers of a business.
Market Research The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
Primary (or field) research The gathering of new information, called primary data, which has not been collected before.
Survey Research involving asking questions of people or organisations.
Respondents Those who provide data for a survey usually by answering questions in a questionnaire or interview.
Questionnaire A list of questions to be answered by respondents, designed to gather information about consumers’ tastes.
Focus group In market research, a group of people brought together to answer questions and discuss a product, brand or issue.
Secondary (or desk) research The process of gathering secondary data, which is information that has already been gathered such as sales records, government statistics, newspaper articles or reports from market research groups.
Qualitative data Information about opinions, judgements and attitudes.
Quantitative data Data that can be expressed as numbers and can be statistically analysed.
Market segment Part of a market that contains a group of buyers with similar buying habits, such as age or income.
Price sensitive When the price is very important in the decision about whether or not to buy.
Market Map (Perceptual Map or Positioning Map) A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality.
Gap in the market Occurs when no business is currently serving the needs of customers for a particular product.
Product range A group of similar products made by a business like a number of different soap products.
Brand A named product which customers see as being different from other products and which they can associate or identify with.
Brand Image The idea/ impression/ image that customers have in their minds about the brand.
Added Value The increase worth that a business creates for a product; it is the difference between what a business pays to its suppliers and the price that is able to charge for the product/ service.
Unique selling point or USP A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.
Franchise The right given by one business to another to sell goods or services using its name.
Franchisee A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
Franchisor The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.
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