UNIT 1- Spotting a business opportunity

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Goods
Physical objects like a can of baked beans or a car
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Services
Non-physical products like a taxi journey of a hair cut
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Suppliers
Businesses that sell/supply products to other businesses
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Customers
People of organisations that buy products from a business
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Consumer
The person who uses a product
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Market
Where buyers and sellers meet to exchange goods/services
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Customer needs
The desires of buyers of a product/cutomers of a business
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Market research
Process of gaining info about customers, competitiors and market trends
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Primary research
Gathering new information-primary data: survey, questionnaire, focus group
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Respondents
People who provide data by answering questions
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Secondary research
Gathering information that has already been gathered: newspaper articles, sales records
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Qualitative data
Info about opinions, attitudes, judgements
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Quantitative data
Data expressed in a numerical way
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Market segment
Part of a market containing a group of buyers with similar characteristics
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Price sensitive
When the price is important in the decision of to buy something
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Market map
Diagram showing the possible positions' range for two features of a product
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Gap in the market
No business serves the customers needs for a particlar product
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Product range
Grouip of similar products made by a business
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Quality
High quality- made with good materials-Leather...... Low quality-made with low quality materials
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After sales service
eg giving a refund
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Brand
Named product-has its own identity and is different from others'
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Brand image
The impression customers have about the brand
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Wholesalers
Businesses that buy from manufacturers worldwide, and sell in bulk to stores
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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
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Unique selling point (USP)
A characteristic of a product making it different eg quality, design, image
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FranchisE
The RIGHT given by one business to another to sell using its name
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FranchisEE
Business that agrees to manufacture, distribute a branded product under licence by a franchisOR
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FranchisOR
Business that gives franchisEEs the right to sell its product, in return for a fixed sum of money
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Other cards in this set

Card 2

Front

Non-physical products like a taxi journey of a hair cut

Back

Services

Card 3

Front

Businesses that sell/supply products to other businesses

Back

Preview of the back of card 3

Card 4

Front

People of organisations that buy products from a business

Back

Preview of the back of card 4

Card 5

Front

The person who uses a product

Back

Preview of the back of card 5
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Comments

davidsalter

28 flashcards giving definitions of the main terms used in the first part of the GCSE exam. Good for testing yourself or friends for joint revision.

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