A business which sells (or supplies) products to another business.
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What is a 'customer'?
Any person or organisation which buys or is supplied with a product or by a business.
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What is a 'consumer'?
The person who ultimately uses (or consumes) a product.
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What is 'customer needs'?
The wants and desires of buyers of a product or the customers of a business.
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What is 'market research'?
The process of gaining information about customers. competitors and market trends through collecting primary and secondary research.
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What is 'primary (or field) research'?
The gathering of new information, called primary data, which has not been collected before.
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What is a 'survey'?
Research involving asking questions of people or organisations.
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What is a 'respondent'?
Those who provide data for a survey usually by answering questions in a questionnaire or interview.
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What is a 'questionnaire'?
A list of questions to be answered by respondents,designed to gather information about consumers' tatses.
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What is a '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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What is 'secondary (or desk) research'?
The process of gathering secondary data , which is information that has already been gatheed such as sales records, government statistics, newspaper articles or reports from market research groups.
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What is 'qualitative data'?
Information about opinions, judgements and attitudes.
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What is 'quantitative data'?
Data that can be expressed as numbers and can be statistically analysed.
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What is a '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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What is meant by the term 'price sensitive'?
When price is very important in the decision about wether or not to buy.
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What is a 'market 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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What does the term 'gap in the market' mean?
It means when there are no businesses currently serving the needs of customers for a particular product.
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What is 'product range'?
A group f similar products made by a business like a number of different soap products.
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What is a 'brand'?
A named product which customers see as being different from other products and which they associate or identify with.
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What is a 'brand image'?
The idea/impression/image that customers have in their minds about the brand.
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What does 'added value' mean?
The increase worth that the business creates for a product; it is the difference between what a business pays to its suppliers and the price that they are able to charge for the product/service.
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What is a 'unique selling point (usp)'?
A characteristic of a product that make it different from other similar products being sold in the market such as deisgn, quality or image.
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What is a 'franchise'?
The right given by one business to another to sell goods or services using its name.
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What is a 'franchisee'?
A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
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What is a '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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What is a business?
An organisation that provides goods or provides serivces.
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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
What is a 'customer'?
Card 3
Front
The person who ultimately uses (or consumes) a product.
Back
Card 4
Front
The wants and desires of buyers of a product or the customers of a business.
Back
Card 5
Front
The process of gaining information about customers. competitors and market trends through collecting primary and secondary research.
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