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| Question | Answer |
| Supplier | The source of products/services to another company |
| Customer | Someone who buys a product/service from a business |
| Consumer | Someone who uses the product/service |
| Markets | A platform where buyers and sellers (demand and supply) interact |
| Customer Needs | The wants and needs from the products/services of the customers |
| Market Research | Research into the market i.e. customers, competitors etc. |
| Primary Research | Research that you have done yourself (first hand) |
| Survey | A form of research that gathers data on impressions or opinions by polling a section of the population |
| Respondents | People who respond to and answer surveys or other forms of research |
| Questionnaire | Same as a survey -they're used to gather specific information about a product or topic |
| Focus Group | A small gathering discussing thoughts and opinions on a certain product or topic |
| Secondary Research | Research that someone else has done |
| Qualitative Data | Data that contains descriptions or opinions |
| Quantitative Data | Numerical data |
| Market Segment | An identifiable group of individuals sharing one or more characteristics |
| Price Sensitive | The demand for a product that varies a lot in response to price fluctuations |
| Market Map | A grid which measures two aspects of the brand within the market |
| Gap in the Market | A product that hasn't been created yet |
| Product Range | The range or products a company sells |
| Brand | A unique design or logo that consumers can easily identify with, as it differentiates from its competitors |
| Brand Image | The consumers' perception of the quality of a product in association with the brand |
| Added Value | An amount added to the value of a product which is equal to the difference between its cost and the selling price |
| USP | Unique Selling Point |
| Franchise | A recognised brand/chain of shops or the right to sell under that trademark |
| Franchisee | Someone who purchases a franchise |
| Franchisor | The owner of the parent company which sells the rights to sell their branded products/processes |
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