Business Studies Key Terms 1.2

  • Created by: KF02
  • Created on: 17-10-18 15:48
Convenience
A product or service's ability to fit in well with a customer's lifestyle or routin, the ease with which it can be used and/or its easy to reach a location
1 of 12
Trade Association
Organisation founded and funded by businesses that operate in a specific industry
2 of 12
Viable
Able to work properly or successfully
3 of 12
Analysis
The process of looking at data to identify patterns or trends
4 of 12
Market Research
The process of gathering information about the market and customers' needs and wants in order to help inform business decision, including product design and marketing
5 of 12
Incentive
Something such as a payment or gift that encourages someone to do something
6 of 12
Focus Group
A group of people who discuss their views on a product, service advertisement or idea, either face-to-face or online
7 of 12
Valid
Having a solid or accurate basis of facts
8 of 12
Target Market
A particular group of consumers at which a business aims its products and services
9 of 12
Segmentation
The process of breaking something into smaller pieces
10 of 12
Sample
A portion of the population asked for their opinions in order to draw conclusions about the behaviour of the whole population
11 of 12
Generation Y (also knowns as Millenials)
The people born shortly before the 21st century, usually defined as born between 1980 and 2000
12 of 12

Other cards in this set

Card 2

Front

Organisation founded and funded by businesses that operate in a specific industry

Back

Trade Association

Card 3

Front

Able to work properly or successfully

Back

Preview of the back of card 3

Card 4

Front

The process of looking at data to identify patterns or trends

Back

Preview of the back of card 4

Card 5

Front

The process of gathering information about the market and customers' needs and wants in order to help inform business decision, including product design and marketing

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Spotting a Business Oppurtunity resources »