Business Studies- Key Terms

These are the key terms from all of the Y10 course :)

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=an organisation set up in order to profitably satisfy the wants and needs of people

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= where buyers and sellers meet to trade at an agreed price

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= the end user of a product

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 Market share

= a percentage of total market sales sold by one company

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 Market size

= the total number of sales in a market by either value or volume

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Research Methods

 Primary research= conducted yourself

    Qualitative data= provides you with opinions and judgements in focus groups but is more difficult and time consuming to analyse Quantitive data= information that can be statistically analysed into charts/tables Secondary research= conducted by someone else

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 Gap in the Market

= occurs when no business is currently serving the needs of customers for a particular product

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= where businesses compete against each other for the same customers

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 Added value

= the increased worth that businesses creates for it’s product, it’s the difference between what they pay their suppliers and the price it is able to charge for it’s product

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 Market segmentation

= the splitting up of the market into groups of buyers with similar characteristics and buying habits

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 Deliberate creativity

= the intentional creation of new ideas through recognised and accepted techniques

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Product Type

Invention= the desingning and creating of something that has not existed before or a new way of making a product

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