UNIT 1- Spotting a business opportunity

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Goods
Physical objects like a can of baked beans or a car
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Services
Non-physical products like a taxi journey of a hair cut
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Suppliers
Businesses that sell/supply products to other businesses
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Customers
People of organisations that buy products from a business
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Consumer
The person who uses a product
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Market
Where buyers and sellers meet to exchange goods/services
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Customer needs
The desires of buyers of a product/cutomers of a business
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Market research
Process of gaining info about customers, competitiors and market trends
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Primary research
Gathering new information-primary data: survey, questionnaire, focus group
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Respondents
People who provide data by answering questions
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Secondary research
Gathering information that has already been gathered: newspaper articles, sales records
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Qualitative data
Info about opinions, attitudes, judgements
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Quantitative data
Data expressed in a numerical way
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Market segment
Part of a market containing a group of buyers with similar characteristics
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Price sensitive
When the price is important in the decision of to buy something
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Market map
Diagram showing the possible positions' range for two features of a product
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Gap in the market
No business serves the customers needs for a particlar product
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Product range
Grouip of similar products made by a business
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Quality
High quality- made with good materials-Leather...... Low quality-made with low quality materials
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After sales service
eg giving a refund
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Brand
Named product-has its own identity and is different from others'
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Brand image
The impression customers have about the brand
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Wholesalers
Businesses that buy from manufacturers worldwide, and sell in bulk to stores
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Added value
The increased worth a business creates for a product. Its the difference between what the business pays its suppliers, and the price it is sold for
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Unique selling point (USP)
A characteristic of a product making it different eg quality, design, image
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FranchisE
The RIGHT given by one business to another to sell using its name
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FranchisEE
Business that agrees to manufacture, distribute a branded product under licence by a franchisOR
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FranchisOR
Business that gives franchisEEs the right to sell its product, in return for a fixed sum of money
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Other cards in this set

Card 2

Front

Non-physical products like a taxi journey of a hair cut

Back

Services

Card 3

Front

Businesses that sell/supply products to other businesses

Back

Preview of the back of card 3

Card 4

Front

People of organisations that buy products from a business

Back

Preview of the back of card 4

Card 5

Front

The person who uses a product

Back

Preview of the back of card 5
View more cards

Comments

davidsalter

Report

28 flashcards giving definitions of the main terms used in the first part of the GCSE exam. Good for testing yourself or friends for joint revision.

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