Buisness studies gcse

market research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data.

-Primary /Field research involves the collection of primary data. thi information which no-one else has collected. For example: survey, questonnaire, product samples, interviews and focus groups.

-Secondary /Desk research involves finding and looking at information that already exsists. For Example Internet, books, Library, newspapers, old information, reports, and competition information.

a market segment is a part of a market that contains a group of buyers who share similar characteristics eg:Men aged 18-24 on low prices.

A market map is a grid that measures two diffrent aspects of the brands within a market, eg: young/old compared wth luxury/economy!

A market map is also known as a perceptual map or a positioning map!

occurs when no buisness is cuurently serving the needs of customers for a particular product.

is a buisness based upon using the name, logo & buisness model of an exsisting company.

the franchisee is the entrepreneur opening a new buisness

while the franchisor is the established company!

a willingness  by an individual or a buisness to take risks , show initiative and undertake new ventures.