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Market Research
Collecting, interpreting and analysing information from current and potential customers in order to make business decisions
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Primary Research
Research you collect yourself
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Secondary Research
Research that already exists
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Focus Group
A group of people who are able to give detailled opinions about a product
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Market Segment
A group of customers from the market that have similar sets of characteristics
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Target Market
The market segment you are aiming at with your product or service
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USP
A unique selling point, something different than other products currently on the market
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Elastic Products
Price goes up and demand goes down
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Inelastic products
Price goes up and the demand remains the same (necessary products)
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ASA
Advertising Standards Authority, makes sure advertisments are suitable and not misleading
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Trade Credit
You can sometimes be given time between buying and paying for the product
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Business Angels
Entrepreneurs that invest in your business for a share of the profits for example Dragons Den
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Venture Capitalists
A company set up to invest in other businesses
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Fixed Costs
Costs that dont change depending on the amount of customers
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Variable Costs
Costs that depend on the amount of customers
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Total Revenue
Money made through sales
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Profit/Loss
The money left after you pay the total costs
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Other cards in this set

Card 2

Front

Research you collect yourself

Back

Primary Research

Card 3

Front

Research that already exists

Back

Preview of the back of card 3

Card 4

Front

A group of people who are able to give detailled opinions about a product

Back

Preview of the back of card 4

Card 5

Front

A group of customers from the market that have similar sets of characteristics

Back

Preview of the back of card 5
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