Business Gcse Edexcel Unit 1.1 (Lsa Lfi)

Front 1

Business Aim

Back 1

What the business is trying to achieve, for

instance, increase market share.

Front 2

Business Objective

Back 2

The targets that help businesses reach their objectives, such as, conducting market research to find out what customers want.

Front 3

Demand

Back 3

The quantity customers want at a given price.

Front 4

Needs

Back 4

Things customers need for their basic survival.

Front 5

Wants

Back 5

Things customers desire (but don't really need)

Front 6

Primary Research

Back 6

This is research conducted by the business itself. It can be more expensive to do this but the research tends to be more relevant.

Front 7

Secondary Research

Back 7

This is when businesses use research conducted by others. It's much quicker and easier to do this but the research might not be relevant and could be biased.

Front 8

Qualitative Research / data

Back 8

Information gathered about opinions, judgements and attitudes.

Front 9

Quantitative Research / data

Back 9

Information gathered that can be expressed as numbers and so can be mathematically analysed, such as, if customers like your product...74% liked.

Front 10

Market Map

Back 10

A diagram that shows the range of possible positions in the market, based on 2 features eg price and quality.

Front 11

Market Segment

Back 11

Customers who have similar buying habits including age, income.

Front 12

USP

Back 12

Unique selling point, something that makes your product stand out from the competition

Front 13

Gap in the market

Back 13

Occurs when no business is serving particular needs in the market.

Front 14

Adding Value

Back 14

Transforming the raw materials so customers will pay more for them. Could include making bread into a sandwich, adding a logo.

Front 15

Franchise

Back 15

The right given by one business to another to sell their goods or services.

Front 16

Franchisor

Back 16

The big business that gives businesses the right to sell its products

Front 17

Franchisee

Back 17

The small business that gets permission to open as a franchise

Front 18

Royalties

Back 18

The amount a franchisee must pay the franchisor every year to open a franchise

Front 19

Start up fees

Back 19

The amount a franchisee must pay the franchisor to open a franchise

Front 20

Brand

Back 20

A named product which customers see as being different and may well be happy to pay more for.

Front 21

Questionnaire

Back 21

A list of questions to be answered, designed to gather information from your target market

Front 22

Focus Group

Back 22

A group of people brought together to answer questions and discuss products, brands or issues

Front 23

Survey

Back 23

Research involving asking people or organisations question.

Front 24

Market

Back 24

Where buyers and sellers meet to exchange goods and services

Front 25

Market Knowledge

Back 25

What market research gives to you!