Flashcards
1.1 Keywords - Spotting a business opportunity
Flashcards do conjunto (25)
- 1SupplierA business which sells (or supplies) products to another business.
- 2CustomerAny person or organisation which buys or is supplied with a product or by a business.
- 3ConsumerThe person who ultimately uses (or consumes) a product.
- 4Customer NeedsThe wants and desires of buyers of a product or the customers of a business.
- 5Market ResearchThe process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
- 6Primary (or field) researchThe gathering of new information, called primary data, which has not been collected before.
- 7SurveyResearch involving asking questions of people or organisations.
- 8RespondentsThose who provide data for a survey usually by answering questions in a questionnaire or interview.
- 9QuestionnaireA list of questions to be answered by respondents, designed to gather information about consumers’ tastes.
- 10Focus groupIn market research, a group of people brought together to answer questions and discuss a product, brand or issue.
- 11Secondary (or desk) researchThe 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.
- 12Qualitative dataInformation about opinions, judgements and attitudes.
- 13Quantitative dataData that can be expressed as numbers and can be statistically analysed.
- 14Market segmentPart of a market that contains a group of buyers with similar buying habits, such as age or income.
- 15Price sensitiveWhen the price is very important in the decision about whether or not to buy.
- 16Market 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.
- 17Gap in the marketOccurs when no business is currently serving the needs of customers for a particular product.
- 18Product rangeA group of similar products made by a business like a number of different soap products.
- 19BrandA named product which customers see as being different from other products and which they can associate or identify with.
- 20Brand ImageThe idea/ impression/ image that customers have in their minds about the brand.
- 21Added ValueThe 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.
- 22Unique selling point or USPA characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.
- 23FranchiseThe right given by one business to another to sell goods or services using its name.
- 24FranchiseeA business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
- 25FranchisorThe 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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- GCSE Business studies FlashCards sobre 1.1 Keywords - Spotting a business opportunity, criado por Mr_Lambert_Hungerhil em 21-01-2016.
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- Mr_Lambert_Hungerhil
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