spotting business opportunity 3.5 / 5 based on 4 ratings ? Business StudiesUnit 1 key termsGCSEEdexcel Created by: blloob1Created on: 22-03-14 20:56 What is market research Designed to give information about a likely target market 1 of 14 What is primary ressearch The collection of primary data that no one els has collected 2 of 14 What is secondary research The collection of secondary data information that alredy exists externaly from the bussiness 3 of 14 What Quantitative research Data that can be expressed as numbers and can be statisticly analysed 4 of 14 What is ment by the term types of customer Customers with different buying habbits 5 of 14 What is market mapping A range of possible positions for two features of a product such as high price and high quality 6 of 14 What is a market gap when no bussiness is currently serving the needs of customers for a particular product or service 7 of 14 What dose the term SWOT mean Strengths, weaknesses, orpertunity, threats 8 of 14 What is added value The increased worth a bussiness creats for a product 9 of 14 What is invention The descovery of a new process or potential product 10 of 14 What is innovation the process of transfering inventions into products 11 of 14 What is a patent The right of ownership of an invention or process when registered with the goverment 12 of 14 what are the benifits of a franchise Staff training and an alredy tried and tested product 13 of 14 what are the disadvanteges of a francise The franchisor must be consulted before the business is sold 14 of 14
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