Unit 1- Business Studies 0.0 / 5 ? Applied BusinessMarketing a BusinessGCSEAQA Created by: abi_biggs7Created on: 28-03-15 13:57 What is Market Research? Research that allows a business to find out about its market, its customers and its potential customers. 1 of 12 What is Primary Research? Collecting new informatiom about the market you are in. 2 of 12 What is Secondary Research? Examining existing information about the market you are in. 3 of 12 What is the Market Mix? The 4 variables for which decisions must be made when marketing a product. (price, product, place, promotion) 4 of 12 What is Product Range? The collective term given to all the products made and sold by a business. 5 of 12 What is Product Differentiation? Attempting to make your products stand out from rivals. 6 of 12 What is Demand? The quantity of your products that customers are willing to buy at a certain price 7 of 12 What is Promotion? The methods used by an entrepreneur to communicate with customers and raise awareness of their businesses. 8 of 12 What is Channel of Distribution? The method used to transfer goods or services from the producer to the final consumer. 9 of 12 What is an Intermediary? A business that buys products from manufacturers and sells them on to the end consumer. 10 of 12 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. 11 of 12 What is E-Commerce? Transactions between customers and businesses carried out over the internet. 12 of 12
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