business unit 1 0.0 / 5 ? Business StudiesBalance sheetsGCSEEdexcel Created by: chloe_8602Created on: 03-05-18 10:31 Supplier A business which sells products to another business 1 of 16 Customer Any person who buys from a business 2 of 16 Consumer Anyone who uses the product/service 3 of 16 Markets Where people buy and exchange goods/services 4 of 16 Customer Needs The wants and desires of buyers 5 of 16 Focus Group An organisation which encourages a business to change its ways. 6 of 16 Market Segment A section of a market where customers have a similar buying habit. 7 of 16 Gap in the market Where businesses doesn't currently sell a particular product or service. 8 of 16 Product range A group of similar products made by the same brand 9 of 16 Brand A named product 10 of 16 USP Unique Selling Point 11 of 16 Franchise The right given by one business to another to sell goods or services using its name. 12 of 16 Franchisee A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor. 13 of 16 Franchisor The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment. 14 of 16 Brand image The idea/impression/image that customers have in their minds about the brand. 15 of 16 Added value It is the difference between what a business pays its suppliers and the price that it is able to charge for the product/service. 16 of 16
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