Business key terms part one

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  • Created by: Gia101
  • Created on: 20-09-14 19:14
Market research
The process of gaining information about customers, competitors and market trends through primary and secondary data
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Customer
Any person or organisation which buys or is supplied with a product by a business
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Consumer
The person who ultimately uses (or consumes) a product
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Supplier
A business which sells (or supplies) products to another business
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Questionnaire
A list of questions to be answered by respondents, designed to gather information about consumers' tastes
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Respondents
Those who provide data for a survey, usually by answering questions in a questionnaire or interview
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Survey
Research involving asking questions of people or organisations
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Primary Research
The gathering of new information called primary data which has not been collected before
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Secondary research
The gathering of existing or old information, which has been collected before by someone else
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Qualitative data
Information about opinions, judgements and attitudes
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Quantitative data
Data that can be expressed as numbers and be statistically analysed
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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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Gap in the market
Occurs when no business is currently serving the needs of customers for a particular product
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Other cards in this set

Card 2

Front

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

Back

Customer

Card 3

Front

The person who ultimately uses (or consumes) a product

Back

Preview of the back of card 3

Card 4

Front

A business which sells (or supplies) products to another business

Back

Preview of the back of card 4

Card 5

Front

A list of questions to be answered by respondents, designed to gather information about consumers' tastes

Back

Preview of the back of card 5
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