Business Studies Edexcel Unit 1.1 Key Words Flashcards

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Supplier
A business 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 or by a business.
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Consumer
The person who ultimately uses (or consumes) a product.
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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 secondary data.
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Primary 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 issue.
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Secondary Research
The process of gathering secondary data, which is information that has already been gathered such as sales records, government statistics, newspaper articles or reports from market research groups.
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Qualitative data
Information about opinions, judgement and attitudes.
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Quantitative data
Data that can be expressed as numbers and can be statistically analysed.
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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 (Perceptual Map or Positioning 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 products.
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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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Added Value
The increase worth that a business creates for a product; it is the difference between what a business pays to its suppliers and the price that is able to charge for the product/ service.
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Unique selling point or USP
A characteristic of a product that make it different from other similar products being sold 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 to 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 or 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

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

Back

Preview of the back of card 4

Card 5

Front

The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.

Back

Preview of the back of card 5
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