If someone is the only person in a business what are they called?
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Service
What is something a consumer pays for but doesnt leave with anything physical afterwards?
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Suppliers
who do customers by products or sevices from
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Enterprise
What is the willingness to take risks and show initiative in order to establish new business ventures
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Entreprenuer
Who is a person who owns and runs their own business and takes risks
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Enterprise
What is another name for Business
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Desk Research
What is another name for secondary research. It can be unrelevant, unreliable and not up to date but its cheap
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Field Research
What is another name for primary research which is more likely to be relevant, up to date and useful however, its cost more than desk research
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Quantitative data
What type of data is research based on a set of numbers
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Qualitative Data
What type of data is reasearch about opinions and judgements of a product. It goes into more detail about the product.
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Lateral Thinking
What is thinking differently to try and find new and unexpected ideas
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Blue Skies thinking
What is a technnique of creative thinking where participants come up with as many ideas as possible
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Competitive Advantage
What is an advantage a business has that enables it to perform better than its rivals
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Market Segmentation
What is a segment in a market that contains a group of buyers that share similar characteristics.
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A Gap in the Market
occurs when no business is currently serving the needs of customers for a particular product. these are usually identified by creating a market map
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Market Mapping
Market Mapping shows the range of possible positions of 2 features of a product e.g. price and quality
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Questions to be Asked- 6 Bums on a Bench
Why? Why not? What? Where? When? What if? How?
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Unique Selling Point
The Unique Selling point is the characteristic of a product/service that differeenciates it from its rivals
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Franchise
A Franchise is a market arrangement allowing another business to trade in the same style as an existing business
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Franchisee
The Franchisee is the business buying the other business
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Franchisor
The Franchisor sells their business to the Franchisee
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Marketing
Marketing is meeting the customers wants and needs
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Marketing Mix
The Marketing Mix is the way businesses aim to sell their products and services with the right combination of product, place, promotion and price.
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Premium Pricing
Premium Pricing is when the brands are able to charge more money for the same product
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Customer Service
Customer Service is the experience a customer recieves to meet and exceed their expectations when dealing with a business
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Limited Liability
Limited Liability is when shareholders of a company are not personally responsible for the debts of the company. This is for Shareholders
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Unlimited Liability
Unlimited Liability is a legal obligation on the owner to pay off the debts of the business.This may have to be done by selling their own property and is for Sole Trader
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Other cards in this set
Card 2
Front
What is something a consumer pays for but doesnt leave with anything physical afterwards?
Back
Service
Card 3
Front
who do customers by products or sevices from
Back
Card 4
Front
What is the willingness to take risks and show initiative in order to establish new business ventures
Back
Card 5
Front
Who is a person who owns and runs their own business and takes risks
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