A non-physical product, such as a bus journey or haircut.
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Customer
The person or organisation who buys or is supplied with the product by a business.
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Markets
Where buyers and sellers meet to exchange goods and services.
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Supplier
A business who supplies (provides) the good/service to another business.
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Consumer
The person who uses the product.
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Customer needs
The wants/desires of the customers of the business.
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Focus group
A group of people gathered together to answer questions and discuss a product/brand/issue.
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Market research
The process of gaining information about an existing customers, competitors and market trends.
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Market segment
Part of the market which contains buyers with similar buying habits, such as age or income.
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Added value
Increased worth that a business creates for a product; difference between what they payed the supplier vs. what they charge the customer for the product or service.
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Unique selling point (USP)
A characteristic of a product which makes it unique from others on the market - e.g. design, quality or image.
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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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Other cards in this set
Card 2
Front
A non-physical product, such as a bus journey or haircut.
Back
Services
Card 3
Front
The person or organisation who buys or is supplied with the product by a business.
Back
Card 4
Front
Where buyers and sellers meet to exchange goods and services.
Back
Card 5
Front
A business who supplies (provides) the good/service to another business.
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