Business Key Terms// Ellie Flashcards
(40 cards)
What Is A Supplier?
A business which sells (or supplies) products to another business.
What is a customer?
Any person or organisation which buys or is supplied with a product or by a business.
What is a consumer?
The person who ultimately uses (or consumes) a product.
What are customer needs?
Value for money
Disability access
Good quality
Safe environment
what is Primary or field research?
The gathering of new information which has not been collected before. E.g Survey, focus group, interview
what is a survey?
Research involving asking questions of people or organisations.
what is a respondent?
Those who provide data for a survey usually by answering questions in a questionnaire or interview.
what is a Questionnaire?
A list of questions to be answered by respondents, designed to gather information about consumers’ tastes.
What is a focus group?
In market research, a group of people brought together to answer questions and discuss a product, brand or issue.
what is secondary research?
Information that has already been gathered e.g sales records, government statistics, newspaper articles
what is qualitative data?
Information about opinions, judgements and attitudes. E.g interviews, focus groups, questionnaires
what is quantitative data?
Data that can be expressed as numbers and can be statistically analysed. E.g survey, sales data
what is a market segment?
Part of a market that contains a group of buyers with similar buying habits, such as age or income.
what does price sensitive mean?
When the price is very important in the decision about whether or not to buy.
Market Map (Perceptual Map or Positioning Map)
A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality.
What is a gap in the market?
Occurs when no business is currently serving the needs of customers for a particular product.
What is a product range?
A group of similar products made by a business like a number of different soap products.
what is a brand?
A named product which customers see as being different from other products and which they can associate or identify with.
What is added value?
The increase worth that a business creates for a product; it is the difference between what a business pays to its suppliers and the price that is able to charge for the product/ service.
what is a unique selling point?
A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.
what is a franchise?
The right given by one business to another to sell goods or services using its name.
what is a franchisee?
A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
what is a franchiser?
The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.
what is an entrepreneur?
A person who owns and runs their own business and takes risks.
