Business key terms part one 0.0 / 5 ? Business StudiesKey termsGCSENone Created by: Gia101Created on: 20-09-14 19:14 Market research The process of gaining information about customers, competitors and market trends through primary and secondary data 1 of 13 Customer Any person or organisation which buys or is supplied with a product by a business 2 of 13 Consumer The person who ultimately uses (or consumes) a product 3 of 13 Supplier A business which sells (or supplies) products to another business 4 of 13 Questionnaire A list of questions to be answered by respondents, designed to gather information about consumers' tastes 5 of 13 Respondents Those who provide data for a survey, usually by answering questions in a questionnaire or interview 6 of 13 Survey Research involving asking questions of people or organisations 7 of 13 Primary Research The gathering of new information called primary data which has not been collected before 8 of 13 Secondary research The gathering of existing or old information, which has been collected before by someone else 9 of 13 Qualitative data Information about opinions, judgements and attitudes 10 of 13 Quantitative data Data that can be expressed as numbers and be statistically analysed 11 of 13 Focus group In market research, a group of people brought together to answer questions and discuss a product brand or issue 12 of 13 Gap in the market Occurs when no business is currently serving the needs of customers for a particular product 13 of 13
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