Business key terms part one

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Market
Where buyers and sellers meet to exchange goods and services
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Customer Needs
The wants and desires of buyers of a product or the customers of a business
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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 can be statistically analysed
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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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Customer Needs
The wants and desires of buyers of a product or the customers of a business
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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

Customer Needs

Back

The wants and desires of buyers of a product or the customers of a business

Card 3

Front

Market research

Back

Preview of the front of card 3

Card 4

Front

Customer

Back

Preview of the front of card 4

Card 5

Front

Consumer

Back

Preview of the front of card 5
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