Unit 1:2

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What is Market Research?
Research that allows a business to find out about its market, customers and potential customers.
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What is primary market research?
Collecting new information about the market you are in.
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What is secondary market research?
Examining existing information about the market you are in.
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What is the Marketing Mix?
The four variables for which decisions must be made when markeing a product.
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What is product range?
The collective term given to all the products made and sold by a business.
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What is product differentiation?
Attempting to make your products stand out from those of rivals.
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What is demand?
The quantity of your products that consumers are willing to buy at a certain price.
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What is promotion?
The methods used by an entrepreneur to communicate with customers and raise awareness of their business.
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What is the Channel of Distribution?
The method used to transfer goods and services from the producer to the final consumer.
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What is an intermediary?
A business that buys products from manufacteurers and sells them on to the end consumer.
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What is a wholesaler?
A business that buys products in bulk from large manufacteurers and sells them on in smaller quantities to small, independant retailers.
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What is E-Commerce?
Transactions between customers and businesses carried out over the internet.
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Other cards in this set

Card 2

Front

What is primary market research?

Back

Collecting new information about the market you are in.

Card 3

Front

What is secondary market research?

Back

Preview of the front of card 3

Card 4

Front

What is the Marketing Mix?

Back

Preview of the front of card 4

Card 5

Front

What is product range?

Back

Preview of the front of card 5
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