spotting a business opportunty

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Market
A place where buyers and sellers come together to exchange goods - normally the exchange of money
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Customer needs
A requirement of a potential buyer that can be solved by the purchase of a service or product
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market research
The collection and analysis of research needed to make a business successful
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primary research (field research)
A business owner creating their own research that didn't exist before
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Secondary research (desk research)
Finding research that has already been found out and exists by something else e.g. on the internet
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Qualitative data
data of non-statistical information on customers e.g. opinions
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Quantitative data
statistical data to tell a business owner about customer behavior e.g. how many of a product sold in a year
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Focus group
A group of people gathered to discuss and evaluate a product or a service before its launched
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Market map
A grid that measures two different aspects of brands in a market. They also show business owners gaps in that market
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Market segment
A part of a market that contains a group of buyers with similar buying habits
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Gap in the market
A market segment that doesn't contain many brands fit for those customers needs
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Competitor
Someone or business that is going up against another business with similar factors for customers and profit
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product range
The range or products or services business offers
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Brand
A named product which customers can recognize to be that brand and differentiate from others
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Brand image
A general impression or opinion of a product held by customers
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Added value
The added worth that a business creates for a product after it has been manufactured
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USP
A factor a business has that makes it different from other businesses in the same market
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Franchise
The right given by one business to another to sell goods or services using its name
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Franchisee
A business that agrees to manufacture or provide branded products under a license by a franchisor
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Franchisor
A business that gives franchisees a right to sell products in return for a fixed cost or royalty payment (based on profit)
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Other cards in this set

Card 2

Front

A requirement of a potential buyer that can be solved by the purchase of a service or product

Back

Customer needs

Card 3

Front

The collection and analysis of research needed to make a business successful

Back

Preview of the back of card 3

Card 4

Front

A business owner creating their own research that didn't exist before

Back

Preview of the back of card 4

Card 5

Front

Finding research that has already been found out and exists by something else e.g. on the internet

Back

Preview of the back of card 5
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