Business Key Terms Part Two

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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 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
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Market Segment
Part of a market that contains a group of buyers with similar buying habits, such as age or income
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Price Sensitive
When the price is very important in the decision about whether or not to buy
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar product
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar products made by a business, like the number of different soap powders
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Brand
A named product whihc
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar products made by a business, like the number of different soap powders
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Brand
A named product which customers see as being different from other products and which they can associate or identify with
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Brand Image
The idea
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar products made by a business, like the number of different soap powders
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Brand
A named product which customers see as being different from other products and which they can associate or identify with
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Brand Image
The idea/impression/image that customers have in their minds about the brand
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Added Value
The increased worth that a business creates for a product; it is the difference between what a busin
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar products made by a business, like the number of different soap powders
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Brand
A named product which customers see as being different from other products and which they can associate or identify with
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Brand Image
The idea/impression/image that customers have in their minds about the brand
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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 or service
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USP (Unique Selling Point)
A characteristic of a pr
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar products made by a business, like the number of different soap powders
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Brand
A named product which customers see as being different from other products and which they can associate or identify with
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Brand Image
The idea/impression/image that customers have in their minds about the brand
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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 or service
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USP (Unique Selling Point)
A characteristic of a product that makes it different from the other similar products being sold in the market such as design, quality or image
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Franchise
The right given by one business to another to se
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar products made by a business, like the number of different soap powders
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Brand
A named product which customers see as being different from other products and which they can associate or identify with
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Brand Image
The idea/impression/image that customers have in their minds about the brand
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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 or service
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USP (Unique Selling Point)
A characteristic of a product that makes it different from the other similar products being sold in the market such as design, quality or image
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Franchise
The right given by one business to another to sell goods or services using its name, logo or products
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Franchisee
A business that agrees to manufacture, distribute or provide a branded product under license by a franchisor
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Franchisor
The b
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar products made by a business, like the number of different soap powders
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Brand
A named product which customers see as being different from other products and which they can associate or identify with
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Brand Image
The idea/impression/image that customers have in their minds about the brand
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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 or service
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USP (Unique Selling Point)
A characteristic of a product that makes it different from the other similar products being sold in the market such as design, quality or image
47 of 59
Franchise
The right given by one business to another to sell goods or services using its name, logo or products
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Franchisee
A business that agrees to manufacture, distribute or provide a branded product under license by a franchisor
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Franchisor
The business that gives franchises the right to sell its product, in return for a fixed sum of money or a royalty payment
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Competitor
A business that provides similar products or services to another business in the same market
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Product Range
A group of similar products made by a business, like the number of different soap powders
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Brand
A named product which customers see as being different from other products and which they can associate or identify with
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Brand Image
The idea/impression/image that customers have in their minds about the brand
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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 or service
55 of 59
USP (Unique Selling Point)
A characteristic of a product that makes it different from the other similar products being sold in the market such as design, quality or image
56 of 59
Franchise
The right given by one business to another to sell goods or services using its name, logo or products
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Franchisee
A business that agrees to manufacture, distribute or provide a branded product under license by a franchisor
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Franchisor
The business that gives franchises the right to sell its product, in return for a fixed sum of money or a royalty payment
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Other cards in this set

Card 2

Front

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

Back

Customer Needs

Card 3

Front

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

Back

Preview of the back of card 3

Card 4

Front

Part of a market that contains a group of buyers with similar buying habits, such as age or income

Back

Preview of the back of card 4

Card 5

Front

When the price is very important in the decision about whether or not to buy

Back

Preview of the back of card 5
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