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28 Cards in this Set
- Front
- Back
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Added Value
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when the selling price of an item produced is higher than the cost of all the resources used to make it.
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Brand
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a type of product manufactured by a particular company under a particular name.
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Consumer
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a person who purchases goods and services for personal use.
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Customer
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a person who buys goods or services from a shop or business.
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Focus Group
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a group of people assembled to participate in a discussion about a product before it is launched, or to provide feedback on a political campaign, television series, etc.
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Franchise
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the right to sell a company's goods or services in a particular area.
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Franchisee
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person or entity to whom the right to conduct a business is granted by the franchisor or licensor.
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Franchisor
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The company owning/controlling the rights to grant franchises to potential franchisees.
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Gap in the market
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an opportunity to produce something that is not yet available but that people would like to have
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Market
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Where people sell and buy goods,ect.
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Market Map
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a representation of categories of current or potential customers for a good or services based on demographic geography and other factors.
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Market Research
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Market research provides relevant data to help solve marketing challenges that a business will most likely face.
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Market Segment
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Market segmentation is the technique used to enable a business to better target it products at the right customers.
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Needs
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a situation in which someone or something must do or have something.
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Price Sensitive
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denoting a product whose sales are greatly influenced by its price.
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Primary Research
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(field research) involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group. |
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Product Range
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is a collection of products sold by the same manufacturer that are aimed at different segments of the market.
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Profit
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a financial gain.
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Qualitative data |
data cannot be expressed as a number. Data thatrepresent nominal scales such as gender, socieo economic status, religiouspreference are usually considered to be qualitative data.
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Quantitative data |
data are anything that can be expressed as a number, orquantified. Examples of quantitative data are scores on achievement tests,number of hours of study, or weight of a subject. These data may berepresented by ordinal, interval or ratio scales and lend themselves to moststatistical manipulation.
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Questionnaire
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a set of printed or written questions with a choice of answers.
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Resources |
a stock or supply of money, materials and staff.
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Respondents |
a person who gives a response or answer to a question that is asked especially as part of a survey
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Revenue |
the income of a government from taxation, excise duties, customs, or other sources, appropriated to the payment of the public expenses.
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Secondary research |
involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.
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Statistic |
a group of numbers that represent facts or that describe a situation
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Suppliers |
A party that supplies goods or a service.
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Survey |
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