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29 Cards in this Set
- Front
- Back
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Added Value
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A product or service that has something included that adds value to the product/service e.g. refreshments at a hairdressers
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Brand
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A name and/or logo that represents a specific company
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Consumers
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The people that actually use the product/service
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Customers
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The people who purchase the product/service
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Focus Group
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A controlled group interview of a target audience/potential customers
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Franchise
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A company that has branches across the country and/or the world
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Franchisee
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A person who buys the right from a franchisor to copy a business format
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Franchisor
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A person who sells the right to use a business idea in a particular location
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Gap in the Market
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A segment in the market where there is little or no competition
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Market
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where buyers and sellers meet to trade products
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Market Map
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a diagram that identifies all the products in the market using two key features
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Market Research
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to gather information about customers needs, competitors and market trends
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Market Segment
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different groups of customers who share similar characteristics and buying habits
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Needs
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Things that are essential; that you need to have to live comfortably
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Price Sensitive |
when the price of a product affects consumers purchasing behaviours
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Primary Research
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When the research is completed by yourself
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Product Range
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The variety of products; lots of different ones, all the same ones etc.
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Profit
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When the revenue out weighs the costs
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Qualitative Data |
Data that approximates or characterizes; it describes
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Questionnaire
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List of a research or survey questions asked to respondents, and designed to extract specific information.
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Resources |
An economic or productive factor required to accomplish an activity, or as means to undertake an enterprise and achieve desired outcome
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Respondents |
People who answer the questions to a questionn
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Revenue |
The sum of money that is collected through sales
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Secondary Research |
When the research is done through other people's results
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Statistic |
Single quantity contained in or computed from a set of data.
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Suppliers |
Companies that provide stock and equipment
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Survey |
1.Marketing: A detailed study of a market or geographical area to gather data on attitudes, impressions, opinions, satisfaction level, etc.
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USP |
Something that makes a product or service different to others
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Wants
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Products or services that people don't necessarily need to survive
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