A business which sells (or supplies) products to another business.
Supplier
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Any person or organisation which buys or is supplied with products by a business.
Customer
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the person who ultimately uses (or consumes) a product.
Consumer
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Where buyers and sellers meet to exchange goods and services.
markets
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- The wants and desires of buyers of a product or the customers of a business.
Customer needs
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The process of gaining information and about customers, competitors and market trends through collecting primary and secondary data.
Market research
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The gathering of new information, that has not been collected before.
Primary research
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Research involving asking questions of people or organisations.
Survey
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Those who provide data for a survey usually by answering questions in a questionnaire or an interview.
Respondents
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A list of questions to be answered by respondents, designed to gather information about customer’s tastes.
Questionnaire
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In market research, a group of people brought together to answer questions and discuss a product brand or issue.
Focus group
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The process of gathering data, which is information that has already been gathered such as sales records, newspaper articles or research from market research groups.
Secondary research
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Information about opinions, judgements and attitudes.
Qualitative data
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Data that can be expressed as numbers and can be statistically analysed.
Quantitative data
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Part of a market that contains a group of buyers with similar buying habits, such as age or income.
Market segment
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When the price is very important in the decision about whether or not to buy.
Price sensetive
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A diagram that shows a range of possible positions for two features of a product, such as low to high price and low to high quality.
Market map
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Occurs when no business is currently serving the needs of customers for a particular product.
gap in the market
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A group of similar products made by a business, like a number of different soap powders.
Product range
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A named product which customers see as being different from other products and which they can associate or identify with.
Brand
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The idea/impression/image that customers have in their minds about the brand.
Brand image
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The increased worth that’s a business creates for a product; it is the difference between what a business pays and its suppliers and the price that it is able to charge for the product service.
Added value
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A characteristic of a product that makes it different from other similar products being sold in the market such as design, quality or image.
Unique selling point
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- The right given by one business to another to sell goods or services using its name.
Franchise
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A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchiser.
Franchisee
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The business that gives the franchisee the right to sell its product in return for a fixed sum of money or a royalty payment.
Franchisor
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Other cards in this set
Card 2
Front
Any person or organisation which buys or is supplied with products by a business.
Back
Customer
Card 3
Front
the person who ultimately uses (or consumes) a product.
Back
Card 4
Front
Where buyers and sellers meet to exchange goods and services.
Back
Card 5
Front
- The wants and desires of buyers of a product or the customers of a business.
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