Business 1.1 0.0 / 5 ? Business StudiesSpotting a Business OpportunityGCSEEdexcel Created by: bbrowleyCreated on: 11-03-16 15:08 Supplier A business or individual which sells (or supplies) products to another business 1 of 23 Customer Any person or organisation which buys or is supplied with a product by a business 2 of 23 Consumer The person who ultimately uses (or consumes) a product 3 of 23 Markets Where buyers and sellers meet to exchange goods or services 4 of 23 Customer Needs The wants and desires of buyers of a product or the customers of a business 5 of 23 Market Research The process of gaining information about customers, competitors and market trends through collecting primary and/or secondary data 6 of 23 Primary (field) research The gathering of new information, called primary data, which has not been collected before 7 of 23 Survey Research involving asking questions of people or organisations 8 of 23 Respondents Those who provide data for a survey usually by answering questions in a questionnaire or interview 9 of 23 Questionnaire A list of questions to be answered by respondents, designed to gather information about consumers tastes 10 of 23 Focus group In market research, a group of people brought together to answer questions and discuss a product, brand, or image 11 of 23 Market segment part of a market that contains a group of buyers with similar buying habits, such as age or income 12 of 23 Price sensitive When the price is very important in the decision about whether or not to buy 13 of 23 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 14 of 23 Gap in the market Occurs when no business is currently serving the needs of customers for a particular product 15 of 23 Product range A group of similar products made by a business, like a number of different soap powders 16 of 23 Brand A named product which customers see as being different from other products and which they can associate or identify with 17 of 23 Brand image The idea/impression/image that customers have in their minds about the brand 18 of 23 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 19 of 23 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 20 of 23 Franchise The right given by one business to another to sell goods or services using its name 21 of 23 Franchisee A business that agrees the manufacture, distribute or provide a branded product, under licence by a franchisor 22 of 23 Franchisor The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment 23 of 23
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