Unit 1 Developing New Business Ideas Key Terms

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Behavioural Segmentation
Segmenting the market based on buying patterns - e.g. quantity and frequency of purchase, brand loyalty etc.
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USP
Unique selling point of the product - i.e. what makes it different from competitors
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Niche marketing
Marketing of products to a particular, small segment of the market
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Mass marketing
Marketing of a product to all possible consumers in the same way
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Adding value
The difference between the price of the finished product/service and the cost of inputs involved in making it
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Test marketing
Trailing/testing demand for a product on a sample of potential customers before launching the product to the whole market
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Exchange rate
The price of one currency in terms of another
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Card 2

Front

Unique selling point of the product - i.e. what makes it different from competitors

Back

USP

Card 3

Front

Marketing of products to a particular, small segment of the market

Back

Preview of the back of card 3

Card 4

Front

Marketing of a product to all possible consumers in the same way

Back

Preview of the back of card 4

Card 5

Front

The difference between the price of the finished product/service and the cost of inputs involved in making it

Back

Preview of the back of card 5
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