a business which sells products to another business
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Customer
any person or organisation which buys a product from a business
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Consumer
the person who ultimately uses (or consumes) the product
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Markets
where buyers and sellers meet to exchange goods and services
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Customer needs
the wants and desires of buyers of a product
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Typical Customer Needs
convenience, reasonable price, good range, good quality, knowledgeable and friendly customer service
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Market Research
the process of gaining information about customers, competitors and market trends
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Primary (or field) Research
gathering new data first hand which is tailored to find out the specific information you require
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Secondary (or desk) Research
gathering data and information that has already been collected before for a different purpose
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Survey/questionnaire
research involving asking a list of questions, designed to gather information about customer needs
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Respondents
those who provide data during market research
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Focus Group
a group of people brought together for market research to answer questions and discuss a product, brand or issue
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Quantitative Data
data that can be expressed as numbers and can be statistically analysed
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Qualitative Data
information about opinions, judgments and attitudes
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Market Segmentation
the process of splitting a market into smaller sub-groups of consumers with similar buying habits
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Market Segment
part of a market which contains a group of buyers with similar buying habits
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Examples of how a market is segmented
Age, Gender, Income, Geographical region, Ethnicity, Socio-economic group
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Market Map
a diagram which shows the range of possible positions for two features of a product. It allows businesses to identify where the market is crowded and where there might be a 'gap in the market', allowing them to position their product more effectively
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Gap in the Market
this occurs when no business is currently serving the needs of customers for a particular product
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Businesses can compete with each other in terms of:
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 that customers have in their minds about a 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 its suppliers and the price that it is able to charge for their product
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Sources of added value
quality, design and formula, convenience, speed and quality of service, branding and USP
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Unique Selling Point (USP)
a characteristic of a product that makes it different from other similar products being sold
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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
the individual that sets up a business and agrees to manufacture, distribute or provide a branded product under license by a franchisor
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Franchisor
the business that gives the franchisees the right to sell its product, in return for a fixed sum of money and/or a royalty payment
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Other cards in this set
Card 2
Front
any person or organisation which buys a product from a business
Back
Customer
Card 3
Front
the person who ultimately uses (or consumes) the product
Back
Card 4
Front
where buyers and sellers meet to exchange goods and services
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