A business which sells products to another business
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Customer
Any person or organisation qhich buys a product from a business
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Consumer
The person who ultimately uses the product, N.B the consumer is not always the customer
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Markets
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 Research
The process of gaining infromation about customers, competitiors and market trends through collecting primary and secondary data
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Primary Research
The gathering of new information, called primary data, which has never been colllected before
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Survey
Research involving asking questions of people or organisations
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Respondents
Those who provide data for a survey usually by answering questions in a questonaire or interview
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Questionaire
A list of questions to be answered by respondents, designed to gather information about consumers' tastes
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Focus Group
In market research, a group of people brought togehter to answer questions and discuss a product, brand or issue
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Secondary Research
The process of gathering secondary data, which is information that has already been gathered such as sales records, government statistics, newspaper articles or reports from market research groups
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Qualitive Data
Information about opinions, judgements and attitudes
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Quantitative Data
Data that can be expressed as numbers and can be statistically anaylised
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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 of whether to buy or not
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Market Map
A diagram to show 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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Gap In The Market
Occurs when no business is currently serving the needs of a customer for a particular product
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Product Range
A group of similar products made by a business
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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
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Added Value Formulae
Differnce between what the business pays the suppliers and what they can afford to charge
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Unique Selling Point (USP)
A characteristic of a product that makes it different form other similar products being sold in the market such as design, quality, image
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Franchise
The right given by one buisness to another to sell goods or services using its name
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Franchisee
A business that agrees to manufacture, distribute or provide a branded product, under license by the franchisor
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Franchisor
The business that gives franchisee's 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
Non physical items. Example, Hair cut
Back
Services
Card 3
Front
A business which sells products to another business
Back
Card 4
Front
Any person or organisation qhich buys a product from a business
Back
Card 5
Front
The person who ultimately uses the product, N.B the consumer is not always the customer
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