Building a Business (unit 1)

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What is the purpoe of a business?
To provide goods and services
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What is a supplier?
A business that sells products to another business.
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What is a customer?
A person or organisation that buys the product or service.
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What is a consumer?
The person that uses the products.
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What is primary research?
The collection of data that did not excist before.
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What is secondary research?
The collection of data that already exists.
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what is primary data and secondary data also known as?
Field and desk research.
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Give examples of primary research?
Surveys, focus groups, observations, experiments and questions.
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Give some advantages of Primary data?
more accurate, up to date, specific to needs, effective at collecting qualitative data, direct customer contact, likely consumers wont have the same research.
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Give examples of secondary data?
Sales data, telephone directories, market reports, government statistics, local newspapers, internet sites.
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Give some advantages of secondary data?
more general, less time-consuming, effective at collecting quantitative data
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What is qualitative data?
infomation about opinions, judgements, and attitudes.
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what is quantitative data?
Data that can be expressed as numbers and statistically analysed.
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what is a market segment?
A market segment is a group of buyers with similar characteristics and buying habits. A market can be segmented in many ways, such as age, gender, income, lifestyle or life-stage.
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How can a business find their customers buying preferences?
using their own experience, looking at existing businesses and trying trying competitors' products, observation and surveys, finding information about customers.
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what does segmentation allow a business to do?
meet specific customer needs, differentiate their products, focues on a specific group of customers, target market activity, develop a unique brand image and build close customer relationships.
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how can a market map be used to help a business?
can be used to position and compare products and identify opportunies where customer needs are not being met (gap in the market)
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how can a business compete against their competitors?
wide product range, better after-sale service, more enjoyable experience, better design, higher quality, better product features or a stronger brand image.
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Give the definition of branding.
A brand is a named product that customers see as being different from other products, and that they can assosciate or identify with. A company or product can develop a unique brand image that customers associate themselves with.
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what is added value?
added value is the increased worth that a business creates for a product; it is the difference between what a business pays its suppliers that the price that it is able to charge for the product.
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Give somes ways to add value.
more convenience, unique selling point, better design, greater speed of service, branding or improving quality.
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what is a unique selling point?
A USP is one another wat to add value to a product. This is a unique aspect of a product which copetitors dont have .
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What is the importance of added value?
The higher the added value=sooner the costs can be paid off=quicker a business will make profit.
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Other cards in this set

Card 2

Front

A business that sells products to another business.

Back

What is a supplier?

Card 3

Front

A person or organisation that buys the product or service.

Back

Preview of the back of card 3

Card 4

Front

The person that uses the products.

Back

Preview of the back of card 4

Card 5

Front

The collection of data that did not excist before.

Back

Preview of the back of card 5
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