Business Key Terms

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Good
Tangible (Something you can touch)
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Service
Intangible (Eg. Taxi service)
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Aim
Long term goal
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Repeat Purchase
Where a customer comes back to your service.
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Market
A place where buyers & sellers meet. The sellers much have something to offer for a transaction to happen.
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Product Portfolio
The range of products offered to appeal to different market segments.
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Market Mapping
Identifying target customers and potential gaps in the market.
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Substitute Goods
An alternative to your product or service which a customer may chose over what your business offers.
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Competition
Where Firms in the same market that competes with one another to to gain customers for their products or service.
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Market Share
The percentage of all the sales within a market that are held by one brand or company.
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Other cards in this set

Card 2

Front

Intangible (Eg. Taxi service)

Back

Service

Card 3

Front

Long term goal

Back

Preview of the back of card 3

Card 4

Front

Where a customer comes back to your service.

Back

Preview of the back of card 4

Card 5

Front

A place where buyers & sellers meet. The sellers much have something to offer for a transaction to happen.

Back

Preview of the back of card 5
View more cards

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