Business topics 1 & 2 Flashcards
(24 cards)
the people who participate in a business (customers, suppliers, workers)
stakeholders
poor countries
developing countries
rich countries
developed countries
when you get your products ethically from developing countries. The workers receive a fair wage and good working conditions.
fairtrade
the people who provide the products that you sell
suppliers
the respect and support that you give the customers of your business
customer service
clean energy like wind and solar energy
renewable energy
when businesses buy and sell around the world usually because of the cheaper cost of products and labour
globalisation
the company that sells the right to use its products, ideas or services using its name
franchisor
the person or business that can legally sell the products, ideas or services of a company, using its name
franchisee
the money that the franchisee pays to the franchisor (every month or year) to use its products, ideas or services
pay royalties
the specific group of people that a business markets its products or services to - for example, teenagers or mothers
target market
The process of collecting information about what customers want. This might help a business be more successful.
market research
Research that is done for the first time and is SPECIFIC to the business. This NEW DATA
primary research
Research that is found from other sources NOT specific to the business.
secondary research
Information found in books or magazines
printed materials
When you ask people questions to find out their opinion of a product or service
surveys & questionnaires
When you invite people to participate in a group. They discuss a product or service and give their opinions.
Focus group
When you take data from competitors’ websites, newspaper articles and social media.
internet research
When you watch customers to find out their reactions to certain products or services
Experimentation & Observation
These reports give specific information about an industry. For example, the coffee industry or the health industry.
Market reports
These reports may consist of general information. For example, what salary the population will accept.
Government reports
When you use open questions and opinions to collect market research.
Qualitative data
When you use numerical data and closed questions to collect market research.
Quantitative data
