Business unit 1 booklet 2

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Market Research
Research that allows a business to find out about its market, its customers and its potential customers.
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Primary market research
Collecting new information about the market you're in
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Secondary market research
Examining existing information about the market you're in
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Market Mix
The four variables for which decisions must be made when marketing a product
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Product
The good or service that the business is offering to customers
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Price
The amount charged by the business for its goods or services
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Place
The methods used by the business to sell its products to customers
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Product range
The collective term given to all the products made and sold by a business
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Product differentiation
Attempting to make your products stand out from those of rivals
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Demand
The quantity of your products that consumers are willing to buy at a certain price
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Promotion
The methods used by an entrepreneur to communicate with customer and raise awareness of their business
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Channel of dstribution
The method used to transfer goods and services from the producer to the final consumer
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Intermediary
A business that buys products from manufacturers and sells them on to the end consumer
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Wholesaler
A business that buys products in bulk from large manufactures and sells them on in smaller, independent retailers
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E-commerce
Transactions between customers and businesses carried out over the internet
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Other cards in this set

Card 2

Front

Collecting new information about the market you're in

Back

Primary market research

Card 3

Front

Examining existing information about the market you're in

Back

Preview of the back of card 3

Card 4

Front

The four variables for which decisions must be made when marketing a product

Back

Preview of the back of card 4

Card 5

Front

The good or service that the business is offering to customers

Back

Preview of the back of card 5
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