Business 1.1

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Market research
The process of gaining information about customer needs
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Primary research
Collecting data from original sources via surveys, interviews or questionnaires
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Secondary resarch
Collecting data that already exists via the internet, books or documentaries
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Survey
Gaining information by asking questions
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Franchise
An existing business that offers the chance to sell in their name
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Qualitative data
Data that contains opinions
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Quantitative data
Data that contains statistics
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Market Segment
A group of consumers that have similar interests, age group, gender, etc
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Market Map
A diagram that highlights where there is a gap in the market
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'Gap in the market'
A niche in the market where there is currently none/limited businesses in the same trade
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USP
The unique selling point of your business that differenciates you from other businesses. It's something that is unique to your business and will attract more customers
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Added Value
Something extra that is added to your product which increases what it's wprth. This could include: packaging, brand, etc.
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Other cards in this set

Card 2

Front

Collecting data from original sources via surveys, interviews or questionnaires

Back

Primary research

Card 3

Front

Collecting data that already exists via the internet, books or documentaries

Back

Preview of the back of card 3

Card 4

Front

Gaining information by asking questions

Back

Preview of the back of card 4

Card 5

Front

An existing business that offers the chance to sell in their name

Back

Preview of the back of card 5
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