Buisness studies gcse

Key words so far in my lessons x

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Market research

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

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market research

-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.

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Market segments!

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.

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Market Map

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!

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Gap in the market.

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

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Franchise

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!

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Enterprise

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

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