Business Key Terms Topic 1

  • Created by: Meghna
  • Created on: 24-05-13 12:35
a business which sells (or supplies) products to another business
1 of 26
any person or organisation which buys or is supplied with a product by a business
2 of 26
the person who ultimately uses a product
3 of 26
where buyers and sellers meet to exchange goods and services
4 of 26
Customer Needs
the wants and desires of buyers of a product or the customers of a business
5 of 26
Market research
the process of gaining information about customers, competitors and market trends through collecting primary and secondary data
6 of 26
Primary (or field) research
the gathering of new information, called primary data, which has not been collected before
7 of 26
research involving asking questions of people or organisations
8 of 26
those who provide data for a survey usually by answering questions in a questionnaire or interview
9 of 26
a list of questions to be answered by respondents, designed to gather information about customers' tastes
10 of 26
Focus Group
in market research, a group of people brought together to answer questions and discuss a product, brand or issue
11 of 26
Secondary (or desk) research
the process of gathering secondary data, which is information that has already been gathered such as sales records, government statistics, newspaper articles or reports from market research groups
12 of 26
Qualitative data
information about opinions, judgements and attitudes
13 of 26
Quantitative data
data that can be expressed as numbers and can be statistically analysed
14 of 26
Market segment
part of a market that contains a group of buyers with similar buying habits, such as age or income
15 of 26
Price sensitive
when the price very important in the decision about whether or not to buy
16 of 26
Market map (or Perceptual map or Positioning 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
17 of 26
Gap in the market
occurs when no business is currently serving the needs of customers for a particular product
18 of 26
Product range
a group of similar products made by a business, like a number of different soap powders
19 of 26
a named product which costumers see as being different from other products and which they can associate or identify with
20 of 26
Brand image
the idea/impression/image that customers have in their minds about the brand
21 of 26
Added value
the increased worth that a business creates for a product; it is the difference between what a business pays its suppliers and the price that it is able to charge for the product/service
22 of 26
Unique selling point (USP)
a characteristic of a product that makes it different from other similar products being sold in the market such as design, quality or image
23 of 26
the right given by one business to another to sell goods or services using its name
24 of 26
a business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor
25 of 26
the business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment
26 of 26

Other cards in this set

Card 2




any person or organisation which buys or is supplied with a product by a business

Card 3




Preview of the front of card 3

Card 4




Preview of the front of card 4

Card 5


Customer Needs


Preview of the front of card 5
View more cards


No comments have yet been made

Similar Business Studies & Economics resources:

See all Business Studies & Economics resources »