Business 1.1

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  • Unit 1.1
    • Supplier
      • A business which sells products to another business
    • Customer
      • Any person or organisation which buys or is supplied with a product or by a business
    • Market research
      • The process of gaining info about customers, competitors and market trends through collecting primary & secondary data
    • Survey
      • Research involving asking questions of people or organisations
    • Respondents
      • Those who provide data for a survey usaly by answering questions in questionnaire
    • Questionnaire
      • A list of questions to be answered by respondents to gather opinions
    • Focus group
      • A group of people brought together to answer questions and discuss a product brand/Issue
    • Qualitative Data
      • Info about opinions, judgements and attitudes
    • Quantitative data
      • Data that can be expressed as numbers as can be statistically analysed
    • Market segment
      • Part of a market that contains a group of buyers with similar buying habits e.g. age
    • Price sensitive
      • When the price is very important in the decision about whether or not to buy
    • Market map
      • Diagram that shows the range of possible positions for two features of a product
    • 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
      • Named product which customers see as being different from other products and which they can associate or identify with
    • Brand image
      • The idea/ impression that customers have in their minds about the brand
    • Added value
      • Increase worth business creates for a product
    • USP
      • A characteristic of a product that makes it different from other similar products being sold in 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
      • Business agrees to manufacture a branded product under licence by a franchisor
    • Customer needs
      • The wants and desires of buyers of a product or the customers of a business
  • Customer needs
    • The wants and desires of buyers of a product or the customers of a business

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