UNIT 1- Spotting a business opportunity 5.0 / 5 based on 1 ratingTeacher recommended ? Business StudiesStarting a businessGCSEEdexcel Created by: georgia linesCreated on: 07-02-13 18:34 Goods Physical objects like a can of baked beans or a car 1 of 28 Services Non-physical products like a taxi journey of a hair cut 2 of 28 Suppliers Businesses that sell/supply products to other businesses 3 of 28 Customers People of organisations that buy products from a business 4 of 28 Consumer The person who uses a product 5 of 28 Market Where buyers and sellers meet to exchange goods/services 6 of 28 Customer needs The desires of buyers of a product/cutomers of a business 7 of 28 Market research Process of gaining info about customers, competitiors and market trends 8 of 28 Primary research Gathering new information-primary data: survey, questionnaire, focus group 9 of 28 Respondents People who provide data by answering questions 10 of 28 Secondary research Gathering information that has already been gathered: newspaper articles, sales records 11 of 28 Qualitative data Info about opinions, attitudes, judgements 12 of 28 Quantitative data Data expressed in a numerical way 13 of 28 Market segment Part of a market containing a group of buyers with similar characteristics 14 of 28 Price sensitive When the price is important in the decision of to buy something 15 of 28 Market map Diagram showing the possible positions' range for two features of a product 16 of 28 Gap in the market No business serves the customers needs for a particlar product 17 of 28 Product range Grouip of similar products made by a business 18 of 28 Quality High quality- made with good materials-Leather...... Low quality-made with low quality materials 19 of 28 After sales service eg giving a refund 20 of 28 Brand Named product-has its own identity and is different from others' 21 of 28 Brand image The impression customers have about the brand 22 of 28 Wholesalers Businesses that buy from manufacturers worldwide, and sell in bulk to stores 23 of 28 Added value The increased worth a business creates for a product. Its the difference between what the business pays its suppliers, and the price it is sold for 24 of 28 Unique selling point (USP) A characteristic of a product making it different eg quality, design, image 25 of 28 FranchisE The RIGHT given by one business to another to sell using its name 26 of 28 FranchisEE Business that agrees to manufacture, distribute a branded product under licence by a franchisOR 27 of 28 FranchisOR Business that gives franchisEEs the right to sell its product, in return for a fixed sum of money 28 of 28
UNIT 1 - Business in the real world - Unit 1.1 - The purpose and nature of business 4.5 / 5 based on 3 ratings
Comments
Report