624361
Description
Mind Map by lloyd.richards98, updated more than 1 year ago
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Created by lloyd.richards98
about 10 years ago
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Key Terms-
Business
- Goods
- Tangible products provided to
a consumer
- Durable
- Goods that eventually
wear out or break
- Goods that eventually
wear out or break
- Non-Durable
- Goods that are
only used once
- Goods that are
only used once
- Industrial
- Goods that produce other
goods e.g. machinery
- Goods that produce other
goods e.g. machinery
- Consumer
- Sold to people
- Sold to people
- Capital
- Sold to businesses
- Sold to businesses
- Tangible products provided to
a consumer
- Services
- Intangible thing a business does
or provides for its customers
- Intangible thing a business does
or provides for its customers
- Market
- Any situation where buying and
selling occurs
- Any situation where buying and
selling occurs
- Production
- The act of producing goods
and services for sale
- Producers
- The company responsible for
the production of the goods
- The company responsible for
the production of the goods
- The act of producing goods
and services for sale
- Consumption
- The act of purchasing
goods and services
- Consumers
- The people who carry out consumption
and ultimately use the product
- The people who carry out consumption
and ultimately use the product
- The act of purchasing
goods and services
- Field/Primary Research
- Involves the collection of
new information which no
one else has collected
- Questionnaire
- A list of questions to be answered by
respondents, designed to gather
information about customers' tastes
- A list of questions to be answered by
respondents, designed to gather
information about customers' tastes
- Focus Group
- A group of people brought
together to answer questions and
discuss a product/ brand/ issue
- A group of people brought
together to answer questions and
discuss a product/ brand/ issue
- Respondents
- The people who provide data for a
survey usually by answering the
questions in questionnaires
- The people who provide data for a
survey usually by answering the
questions in questionnaires
- Involves the collection of
new information which no
one else has collected
- Desk/Secondary Research
- Involves the collection of information already
available (within the organisation or externally)
- Census
- Government survey carried out every 10 years
- Government survey carried out every 10 years
- Involves the collection of information already
available (within the organisation or externally)
- Data
- Quantitative Data
- Research based on numbers
and statistic which can be
displayed
numerically/graphically
- Research based on numbers
and statistic which can be
displayed
numerically/graphically
- Qualitative Data
- Detailed research based on people's
opinions, views and judgements
- Detailed research based on people's
opinions, views and judgements
- Quantitative Data
- Market Segmentation
- Breaking down a market
into groups with similar
buying habits and
characteristics
- Breaking down a market
into groups with similar
buying habits and
characteristics
- Market Map
- Double axis illustrating the range of positions that a product can take in
a market based on 2 dimensions that are important to customers
- Double axis illustrating the range of positions that a product can take in
a market based on 2 dimensions that are important to customers
- Added Value
- The Increase in Worth that a business creates for a product
- Difference between the price of
finished product/service and the costs
involved in its production
- Difference between the price of
finished product/service and the costs
involved in its production
- The Increase in Worth that a business creates for a product
- Business Types
- Sole Trader
- Owned by one person and able to
employ large amounts of people
- Owned by one person and able to
employ large amounts of people
- Franchise
- Entrepreneurs pay for the rights to use the
branding/equipment and training of a company
- Franchisor
- The company that allows the
entrepreneur to have rights to use its
brand name and equipment for a
percentage of profits - royalty fees
- The company that allows the
entrepreneur to have rights to use its
brand name and equipment for a
percentage of profits - royalty fees
- Franchisee
- The individual purchasing the
rights to use a franchisor's brand
name and equipment etc
- The individual purchasing the
rights to use a franchisor's brand
name and equipment etc
- Entrepreneurs pay for the rights to use the
branding/equipment and training of a company
- Partnership
- A business with ownership
shared between 2-20 people
- A business with ownership
shared between 2-20 people
- PLC
- Larger Limited company which sells its
shares on the stock exchange
- Larger Limited company which sells its
shares on the stock exchange
- LTD
- Smaller Limited company which
sells its shares privately
- Smaller Limited company which
sells its shares privately
- Sole Trader
- Needs
- Things a person must have in order to survive (Food, water)
- Can be satisfied
- Things a person must have in order to survive (Food, water)
- Wants
- Required to make life more pleasant for us,
including luxuries that are not essential for survival
- Are infinite and cannot be satisfied
- Required to make life more pleasant for us,
including luxuries that are not essential for survival
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