Business 1.1
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- Created on: 07-05-16 18:06
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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
- Supplier
- Customer needs
- The wants and desires of buyers of a product or the customers of a business
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