Business 1.1

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Supplier
A business or individual which sells (or supplies) products to another business
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Customer
Any person or organisation which buys or is supplied with a product by a business
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Consumer
The person who ultimately uses (or consumes) a product
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Markets
Where buyers and sellers meet to exchange goods or services
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Customer Needs
The wants and desires of buyers of a product or the customers of a business
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Market Research
The process of gaining information about customers, competitors and market trends through collecting primary and/or secondary data
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Primary (field) research
The gathering of new information, called primary data, which has not been collected before
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Survey
Research involving asking questions of people or organisations
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Respondents
Those who provide data for a survey usually by answering questions in a questionnaire or interview
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Questionnaire
A list of questions to be answered by respondents, designed to gather information about consumers tastes
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Focus group
In market research, a group of people brought together to answer questions and discuss a product, brand, or image
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Market segment
part of a market that contains a group of buyers with similar buying habits, such as age or income
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Price sensitive
When the price is very important in the decision about whether or not to buy
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Market map
A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality
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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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Product range
A group of similar products made by a business, like a number of different soap powders
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Brand
A named product which customers see as being different from other products and which they can associate or identify with
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Brand image
The idea/impression/image that customers have in their minds about the brand
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Added value
The increased worth that a business creates for a product; it is the difference between what a business pays it suppliers and the price it charges
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Unique selling point (USP)
A characteristic of a product that makes it different from other similar products being in the market such as design, quality or image
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Franchise
The right given by one business to another to sell goods or services using its name
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Franchisee
A business that agrees the manufacture, distribute or provide a branded product, under licence by a franchisor
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Franchisor
The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment
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Other cards in this set

Card 2

Front

Any person or organisation which buys or is supplied with a product by a business

Back

Customer

Card 3

Front

The person who ultimately uses (or consumes) a product

Back

Preview of the back of card 3

Card 4

Front

Where buyers and sellers meet to exchange goods or services

Back

Preview of the back of card 4

Card 5

Front

The wants and desires of buyers of a product or the customers of a business

Back

Preview of the back of card 5
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