Unit 1 Developing New Business Ideas Key Terms 0.0 / 5 ? Business StudiesStarting a businessGCSEEdexcel Created by: Kiran PanesarCreated on: 08-05-13 19:02 Behavioural Segmentation Segmenting the market based on buying patterns - e.g. quantity and frequency of purchase, brand loyalty etc. 1 of 7 USP Unique selling point of the product - i.e. what makes it different from competitors 2 of 7 Niche marketing Marketing of products to a particular, small segment of the market 3 of 7 Mass marketing Marketing of a product to all possible consumers in the same way 4 of 7 Adding value The difference between the price of the finished product/service and the cost of inputs involved in making it 5 of 7 Test marketing Trailing/testing demand for a product on a sample of potential customers before launching the product to the whole market 6 of 7 Exchange rate The price of one currency in terms of another 7 of 7
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