Business keywords

  • Created by: Ruby_18
  • Created on: 26-01-14 15:20
This is where a buyer and a seller come together to agree on a sale
1 of 16
The surplus of income (revenue) over costs
2 of 16
Gap in market
Where there is a demand but no product
3 of 16
Goods and services
4 of 16
Groups in which businesses divide customers into
5 of 16
Name ways of segmentation
Age, geography, gender, hobbies and interests and socioeconomic groups
6 of 16
Socioeconomic group
The level of income and education enjoyed by a household.
7 of 16
Competitive markets
Sellers trying to achieve trying to achieve the highest amount of customers
8 of 16
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
9 of 16
Name 2 different types of market research
Primary research and secondary research
10 of 16
What's another name for primary research?
Field research
11 of 16
What's another name for primary research?
Desk research
12 of 16
What is primary research?
Experiments, investigations, or tests carried out to acquire data first-hand
13 of 16
What is secondary research?
Research based on secondary/second-hand data
14 of 16
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
15 of 16
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
16 of 16

Other cards in this set

Card 2




The surplus of income (revenue) over costs

Card 3


Gap in market


Preview of the front of card 3

Card 4




Preview of the front of card 4

Card 5




Preview of the front of card 5
View more cards


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all keywords resources »