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Flashcards in business revision Deck (85)
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1

Supplier

A business which sells (or supplies) products to another business.

2

What is the difference between a customer and consumer?

Any person or organisation which buys or is supplied with a product or by a business.

The person who ultimately uses (or consumes) a product.

3

What is the difference between customer needs and customer wants?

Value for money, Disability access, Good quality,
Safe environment.

4

What is? The gathering of new information which has not been collected before. E.g Survey, focus group, interview

Primary (or field) research

5

Survey vs. Questionnaire?

Research involving asking questions of people or organisations.

A list of questions to be answered by respondents, designed to gather information about consumers’ tastes.

6

What are respondents?

Those who provide data for a survey usually by answering questions in a questionnaire or interview.

7

In market research, a group of people brought together to answer questions and discuss a product, brand or issue.

Focus group

8

Information that has already been gathered e.g sales records, government statistics, newspaper articles. What is this called?

Secondary (or desk) research

9

What is the difference between Qualitative and Quantitative data?

Information about opinions, judgments and attitudes. E.g interviews, focus groups, questionnaires.

Data that can be expressed as numbers and can be statistically analysed. E.g survey, sales data.

Quality and Quantity!

10

What is a market segment?

Part of a market that contains a group of buyers with similar buying habits, such as age or income.

11

When the price is very important in the decision about whether or not to buy. What is the key term?

Price sensitive

12

What is a 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.

13

What is a Gap in the market?

Occurs when no business is currently serving the needs of customers for a particular product.

14

A group of similar products made by a business like a number of different soap products. What is the Key term?

Product range

15

What is a Brand?

A named product which customers see as being different from other products and which they can associate or identify with.

16

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.

17

What is a 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.

18

What is the difference between a Franchise, Franchisee and a franchiser.

The right given by one business to another to sell goods or services using its name.

A business that agrees to manufacture, distribute or provide a branded product, under licence by 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.

19

What would you call a person who owns and runs their own business and takes risks.

Entrepreneur

20

What is a enterprise?

A willingness by an individual or a business to take risks, show initiative and undertake new ventures.

21

What is the difference between Goods and Services?

Physical, tangible products like a car, a pair of scissors or a television set.

Non-physical, intangible products like a taxi journey, a haircut or a television programme.

22

What is an Competitive Advantage?

An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.

23

Thinking differently to try and find new and unexpected ideas. What key term is this?

Lateral Thinking

24

A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem. What key term is this?

Blue Skies Thinking

25

Invention vs. Innovation?

The discovery of new processes and potential new products, typically after a period of research.

The process of transforming inventions into products that can be sold to customers.

26

What is a Patent?

Right of ownership of an invention or process when it is registered with the government.

27

What is CopyRight?

Legal ownership of material such as books, music and films which prevents these being copied by others.

28

What is the difference between Patent and Copyright?

Right of ownership of an invention or process when it is registered with the government.

Legal ownership of material such as books, music and films which prevents these being copied by others.

29

What is a Trademark?

The symbol, sign, or other features of a product or business that can be protected by law.

30

What key term is this? The probability of a negative event occurring.

Calculated Risk