Spotting a Business Oppurtunity Key Terms

Key Terms for Unit 1.1

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Spotting a Business Opportunity ­ Key Terms
Business ­ makes goods and services to create a profit
Entrepreneur ­ an individual with ideas skills, commitment, risk taking abilities
and passions to establish and maintain a successful business
Supplier ­ a business which sells or supplies products to another business
Customer ­ person or organisation which buys or supplied with a product by a
Consumer ­ the person who ultimately uses or consumes the product
Markets ­ where buyers and sellers meet to exchange goods and products
Customer Needs ­ the wants and desires of buyers of a product or the
customers of a service
Market Research ­ the gaining of information about customers, competitors and
market trends through collecting primary and secondary data
Primary (field) Research ­ the gathering of new information called primary data
which has not been collected before
Surveys ­ research involving asking questions of people or organisation
Respondents ­ those who provide data for a survey usually answering questions
in a questionnaire or an interview
Questionnaire ­ a list of questions to be answered by respondents designed to
gather info about consumers' tastes
Focus Group ­ in market research, a group of people brought together to answer
questions and discuss a product, brand or issue
Secondary (desk) Research ­ process of gathering secondary data, info that
has already been gathered
Qualitative Data ­ information about judgements, opinions and attitudes
Quantitative Data ­ data that can be expressed as numbers and can be
statistically analysed
Market Segment ­ part of a market that contains a group with similar buying

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Price Sensitive ­ when price is very important in the decision of the buying of the
Market Map ­ a diagram that shows the range of the possible positions for two
features of a product
Gap in the Market ­ occurs when no other business is currently serving the
needs of customers for a particular product
Product Range ­ a group of similar products made by a business
Brand ­ a named product in which the customers see as being different from
other products…read more


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