Business glossary 1

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Demand curve
The demand curve shows the amount that consumers are willing to buy given a particular market price for example if the demand increases the price goes down so more people buy the product.
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Repeat purchase
Is when a customer really likes a product and they purchase again and again
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Product trial
Testing a product to see if the product is successful or not
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Sales promotion
Is the process of persuading a potential customer to buy the product
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Market map
Agreed that measures to different aspects of the brands within the market ( e.g. young old is competitive luxury/economy)
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Primary research
When a firm carries out firsthand research by Fieldwick e.g. a questionnaire about the customers perceptions of its product
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Secondary research
Desk research research that has been previously carried out will publish for another body orpurpose
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Quantitative research
Quantitative research research involving large quantities of data which allows statistical analysis of the results e.g. a survey of how many people like Nike trainers
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Qualitative research
In-depth reach research using depth interviews use to find out customers behaviour and attitude
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Innovation
A new perhaps original product or process
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Invention
Is about making new items or finding new ways of making items
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Unethical
The decision that is wrong for Momo some point e.g. not paying the workers the right amount of wages
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Collusion
Two or more firms are to wait together against the interests of consumers for e.g. supermarkets putting fixed prices on milk and bread
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Subsidy
Government helping firms five paid the money to stay in the country at the expense of the oversea firms
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Card 2

Front

Is when a customer really likes a product and they purchase again and again

Back

Repeat purchase

Card 3

Front

Testing a product to see if the product is successful or not

Back

Preview of the back of card 3

Card 4

Front

Is the process of persuading a potential customer to buy the product

Back

Preview of the back of card 4

Card 5

Front

Agreed that measures to different aspects of the brands within the market ( e.g. young old is competitive luxury/economy)

Back

Preview of the back of card 5
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