Business keywords

Market

This is where a buyer and a seller come together to agree on a sale

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Profit

The surplus of income (revenue) over costs

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Gap in market

Where there is a demand but no product

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Products

Goods and services

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Segments

Groups in which businesses divide customers into

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Name ways of segmentation

Age, geography, gender, hobbies and interests and socioeconomic groups

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Socioeconomic group

The level of income and education enjoyed by a household.

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Competitive markets

Sellers trying to achieve trying to achieve the highest amount of customers

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Market research

The process of gathering, analysing and interpreting information about a market, about a product or service to be offered for sale in that market

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Name 2 different types of market research

Primary research and secondary research

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What's another name for primary research?

Field research

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What's another name for primary research?

Desk research

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What is primary research?

Experiments, investigations, or tests carried out to acquire data first-hand

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What is secondary research?

Research based on secondary/second-hand data

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Advantages of primary research

You can research exactly what you want, don't have to rely on other peoples work, you can interpret the results how you want, and don't need to rely on other peoples interpretations, The research will be accurate for the current

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Disadvantages of primary research

It can take a lot of time and cost a lot of money to conduct primary research You might not always have the necessary things to conduct it, e.g. samples etc, information may be misread or misunderstood

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Business keywords

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