spotting a business opportunty 0.0 / 5 ? Business Studies & Economicsspotting a business opportunityGCSEEdexcel Created by: alicat246Created on: 23-11-15 21:27 Market A place where buyers and sellers come together to exchange goods - normally the exchange of money 1 of 20 Customer needs A requirement of a potential buyer that can be solved by the purchase of a service or product 2 of 20 market research The collection and analysis of research needed to make a business successful 3 of 20 primary research (field research) A business owner creating their own research that didn't exist before 4 of 20 Secondary research (desk research) Finding research that has already been found out and exists by something else e.g. on the internet 5 of 20 Qualitative data data of non-statistical information on customers e.g. opinions 6 of 20 Quantitative data statistical data to tell a business owner about customer behavior e.g. how many of a product sold in a year 7 of 20 Focus group A group of people gathered to discuss and evaluate a product or a service before its launched 8 of 20 Market map A grid that measures two different aspects of brands in a market. They also show business owners gaps in that market 9 of 20 Market segment A part of a market that contains a group of buyers with similar buying habits 10 of 20 Gap in the market A market segment that doesn't contain many brands fit for those customers needs 11 of 20 Competitor Someone or business that is going up against another business with similar factors for customers and profit 12 of 20 product range The range or products or services business offers 13 of 20 Brand A named product which customers can recognize to be that brand and differentiate from others 14 of 20 Brand image A general impression or opinion of a product held by customers 15 of 20 Added value The added worth that a business creates for a product after it has been manufactured 16 of 20 USP A factor a business has that makes it different from other businesses in the same market 17 of 20 Franchise The right given by one business to another to sell goods or services using its name 18 of 20 Franchisee A business that agrees to manufacture or provide branded products under a license by a franchisor 19 of 20 Franchisor A business that gives franchisees a right to sell products in return for a fixed cost or royalty payment (based on profit) 20 of 20
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