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25 Cards in this Set
- Front
- Back
Business Aim |
What the business is trying to achieve, for instance, increase market share. |
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Business Objective |
The targets that help businesses reach their aims, such as, conducting market research to find out what customers want. |
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Demand |
The quantity customers want at a given price. |
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Needs |
Things customers need for their basic survival. |
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Wants |
Things customers desire (but don't really need) |
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Primary Research |
This is research conducted by the business itself. It can be more expensive to do this but the research tends to be more relevant. |
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Secondary Research |
This is when businesses use research conducted by others. It's much quicker and easier to do this but the research might not be relevant and could be biased. |
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Qualitative Research / data |
Information gathered about opinions, judgements and attitudes. |
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Quantitative Research / data |
Information gathered that can be expressed as numbers and so can be mathematically analysed, such as, if customers like your product...74% liked. |
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Market Map |
A diagram that shows the range of possible positions in the market, based on 2 features eg price and quality. |
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Market Segment |
Customers who have similar buying habits including age, income. |
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USP |
Unique selling point, something that makes your product stand out from the competition |
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Gap in the market |
Occurs when no business is serving particular needs in the market. |
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Adding Value |
Transforming the raw materials so customers will pay more for them. Could include making bread into a sandwich, adding a logo. |
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Franchise |
The right given by one business to another to sell their goods or services. |
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Franchisor |
The big business that gives businesses the right to sell its products |
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Franchisee |
The small business that gets permission to open as a franchise |
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Royalties |
The amount a franchisee must pay the franchisor every year to open a franchise |
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Start up fees |
The amount a franchisee must pay the franchisor to open a franchise |
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Brand |
A named product which customers see as being different and may well be happy to pay more for. |
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Questionnaire |
A list of questions to be answered, designed to gather information from your target market |
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Focus Group |
A group of people brought together to answer questions and discuss products, brands or issues |
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Survey |
Research involving asking people or organisations question. |
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Market |
Where buyers and sellers meet to exchange goods and services |
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Market Knowledge
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What market research gives to you!
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