Unit 1- Business Studies

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What is Market Research?
Research that allows a business to find out about its market, its customers and its potential customers.
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What is Primary Research?
Collecting new informatiom about the market you are in.
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What is Secondary Research?
Examining existing information about the market you are in.
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What is the Market Mix?
The 4 variables for which decisions must be made when marketing a product. (price, product, place, promotion)
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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 rivals.
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What is Demand?
The quantity of your products that customers 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 businesses.
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What is Channel of Distribution?
The method used to transfer goods or services from the producer to the final consumer.
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What is an Intermediary?
A business that buys products from manufacturers and sells them on to the end consumer.
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What are Wholesalers?
A large business the buys products in bulk from large manufacturers 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

Collecting new informatiom about the market you are in.

Back

What is Primary Research?

Card 3

Front

Examining existing information about the market you are in.

Back

Preview of the back of card 3

Card 4

Front

The 4 variables for which decisions must be made when marketing a product. (price, product, place, promotion)

Back

Preview of the back of card 4

Card 5

Front

The collective term given to all the products made and sold by a business.

Back

Preview of the back of card 5
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