Business2 0.0 / 5 ? Business StudiesMarketing mixGCSEAQA Created by: sian_platttCreated on: 01-12-13 19:24 Market Research Collecting, interpreting and analysing information from current and potential customers in order to make business decisions 1 of 17 Primary Research Research you collect yourself 2 of 17 Secondary Research Research that already exists 3 of 17 Focus Group A group of people who are able to give detailled opinions about a product 4 of 17 Market Segment A group of customers from the market that have similar sets of characteristics 5 of 17 Target Market The market segment you are aiming at with your product or service 6 of 17 USP A unique selling point, something different than other products currently on the market 7 of 17 Elastic Products Price goes up and demand goes down 8 of 17 Inelastic products Price goes up and the demand remains the same (necessary products) 9 of 17 ASA Advertising Standards Authority, makes sure advertisments are suitable and not misleading 10 of 17 Trade Credit You can sometimes be given time between buying and paying for the product 11 of 17 Business Angels Entrepreneurs that invest in your business for a share of the profits for example Dragons Den 12 of 17 Venture Capitalists A company set up to invest in other businesses 13 of 17 Fixed Costs Costs that dont change depending on the amount of customers 14 of 17 Variable Costs Costs that depend on the amount of customers 15 of 17 Total Revenue Money made through sales 16 of 17 Profit/Loss The money left after you pay the total costs 17 of 17
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