Business is the organised effort of individuals, to produce and sell, for a profit, the goods and services that satisfy societies needs e.g. APPOTEX pharmaceuticals
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What is an Entrepreneur? Give examples
An individual who takes risks by starting a business e.g. Richard Branson
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What is a Supplier? Give examples
Firms selling products to other businesses e.g. cocoa cola sells products to supermarkets
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What is a Customer?
The individual who purchases the product
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What is a Consumer?
The individual who uses the product
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What are Markets? Give examples
A market is any place where buyers and sellers meet to trade products - this can be a high street shop or a website.
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What are Customer Needs? Give examples
What the customer is looking for in a product or service e.g. quality
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What is Market Research? Give examples
is a report by a new or existing business that contains all of its research findings and explains why the firm hopes to succeed.
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What is Primary Research? Give examples
Experiments, investigations or tests carried out to acquires data first-hand, rather than being gathered from published sources
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What are Surveys? Give examples
This is a research involving asking questions of people or organisations.
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What are Respondents? Give examples
This is someone who provides data for a survey usually by answering questions that are given by an interviewer, a newspaper survey or other types of surveys.
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What is a Questionnaire? Give examples
A document that should ask a series of questions targeting a subject to discover the information required to meet a company's research objective.
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What are Focus Groups? Give examples
A small group discussion in depth that researches into the reason for customers habits and attitudes towards a product or service.
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What is Secondary (desk) Research? Give examples
Market research that's already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.
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What is Qualitative Data? Give examples
Information collected about opinions and views
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What is Quantitative Data? Give examples
Factual information
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What is a Market Segment? Give examples
This is a part of a market that contains a group of buyers with similar buying habits.
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What is Price Sensitivity? Give examples
When the price of a product or a service influences the decision about whether or not to buy it.
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What is a Market Map? Give examples
a diagram that shows the range of possible positions for two features of a product, such as low to high prices and low to high quality.
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What is a Gap in the Market? Give examples
This happens when no business provides a product or a service that customers need and desire.
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What is a Product? Give examples
a business buys or hires inputs such as raw materials, equipment, buildings and staff. These inputs are transformed into outputs called products.
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What is a Brand? Give examples
A named product which customers see as being different from other products and which they can associate or identify with
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What is Added Value? Give examples
the increased worth that a business creates for a product; it is the difference between what a business pays its suppliers and the price that it is able to charge for the product/service.
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What is USP? Give examples
a characteristic of a product that makes it different from other similar products being sold in the market such as design, quality or image.
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What is a Franchise? Give examples
The right given by one business to another to sell goods or services using its name
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What is a Franchisee? Give examples
A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
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What is a Franchisor? Give examples
The business that gives franchisees 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
An individual who takes risks by starting a business e.g. Richard Branson
Back
What is an Entrepreneur? Give examples
Card 3
Front
Firms selling products to other businesses e.g. cocoa cola sells products to supermarkets
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