Business keywords

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  • Created by: Ruby_18
  • Created on: 26-01-14 15:20
Market
This is where a buyer and a seller come together to agree on a sale
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Profit
The surplus of income (revenue) over costs
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Gap in market
Where there is a demand but no product
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Products
Goods and services
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Segments
Groups in which businesses divide customers into
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Name ways of segmentation
Age, geography, gender, hobbies and interests and socioeconomic groups
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Socioeconomic group
The level of income and education enjoyed by a household.
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Competitive markets
Sellers trying to achieve trying to achieve the highest amount of customers
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Market research
The process of gathering, analysing and interpreting information about a market, about a product or service to be offered for sale in that market
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Name 2 different types of market research
Primary research and secondary research
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What's another name for primary research?
Field research
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What's another name for primary research?
Desk research
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What is primary research?
Experiments, investigations, or tests carried out to acquire data first-hand
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What is secondary research?
Research based on secondary/second-hand data
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Advantages of primary research
You can research exactly what you want, don't have to rely on other peoples work, you can interpret the results how you want, and don't need to rely on other peoples interpretations, The research will be accurate for the current
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Disadvantages of primary research
It can take a lot of time and cost a lot of money to conduct primary research You might not always have the necessary things to conduct it, e.g. samples etc, information may be misread or misunderstood
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Other cards in this set

Card 2

Front

Profit

Back

The surplus of income (revenue) over costs

Card 3

Front

Gap in market

Back

Preview of the front of card 3

Card 4

Front

Products

Back

Preview of the front of card 4

Card 5

Front

Segments

Back

Preview of the front of card 5
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