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Flashcards by Mr_Lambert_Hungerhil, updated more than 1 year ago
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Created by Mr_Lambert_Hungerhil
about 5 years ago
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Description
| 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. |