Business Key terms Mason Flashcards
(53 cards)
Supplier
A business which sells (or supplies) products to another business.
Customer
Any person or organisation which buys or is supplied with a product or by a business.
Consumer
The person who ultimately uses (or consumes) a product.
Customer Needs
Value for money
Disability access
Good quality
Safe environment
Primary (or field) research
The gathering of new information which has not been collected before. E.g Survey, focus group, interview
Survey
Research involving asking questions of people or organisations.
Respondents
Those who provide data for a survey usually by answering questions in a questionnaire or interview.
Questionnaire
A list of questions to be answered by respondents, designed to gather information about consumers’ tastes.
Focus group
In market research, a group of people brought together to answer questions and discuss a product, brand or issue.
Whats the Difference between a Questionnaire and a survey
A survey is involving asking questions of people or Organizeations A questionnair is used to find out what consumers like about the b iissnes n
Secondary (or desk) research
Information that has already been gathered e.g sales records, government statistics, newspaper articles
Qualitative data
Information about opinions, judgements and attitudes. E.g interviews, focus groups, questionnaires
Quantitative data
Data that can be expressed as numbers and can be statistically analysed. E.g survey, sales data
Market segment
Part of a market that contains a group of buyers with similar buying habits, such as age or income.
Price sensitive
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.
Gap in the market
Occurs when no business is currently serving the needs of customers for a particular product.
Product range
A group of similar products made by a business like a number of different soap products.
Brand
A named product which customers see as being different from other products and which they can associate or identify with.
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.
Unique selling point or USP
A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.
Franchise
The right given by one business to another to sell goods or services using its name.
Franchisee
A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
Franchisor
The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.
