Business key terms part one 5.0 / 5 based on 1 rating ? Business StudiesKey termsGCSEEdexcel Created by: dovesymbolCreated on: 20-09-14 22:53 Market Where buyers and sellers meet to exchange goods and services 1 of 17 Customer Needs The wants and desires of buyers of a product or the customers of a business 2 of 17 Market research The process of gaining information about customers, competitors and market trends through primary and secondary data 3 of 17 Customer Any person or organisation which buys or is supplied with a product by a business 4 of 17 Consumer The person who ultimately uses (or consumes) a product 5 of 17 Supplier A business which sells (or supplies) products to another business 6 of 17 Questionnaire A list of questions to be answered by respondents, designed to gather information about consumers' tastes 7 of 17 Respondents Those who provide data for a survey, usually by answering questions in a questionnaire or interview 8 of 17 Survey Research involving asking questions of people or organisations 9 of 17 Primary research The gathering of new information, called primary data, which has not been collected before 10 of 17 Secondary research The gathering of existing or old information which has been collected before by someone else 11 of 17 Qualitative data Information about opinions, judgements and attitudes 12 of 17 Quantitative data Data that can be expressed as numbers and can be statistically analysed 13 of 17 Gap in the market Occurs when no business is currently serving the needs of customers for a particular product 14 of 17 Customer Needs The wants and desires of buyers of a product or the customers of a business 15 of 17 Focus group In market research, a group of people brought together to answer questions and discuss a product, brand or issue 16 of 17 Gap in the market Occurs when no business is currently serving the needs of customers for a particular product 17 of 17
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