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10 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What does a business do?π |
β’ a business is a organization that produces goods and services to meet the needs of customersπ¦π° β’ businesses may produce its own goods or buy them from a supplier and sell them to customersπ¬π«π¬π«π¬π«π¬ β’ businesses identify what customers need through market researchπ |
production and suppliers... |
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Primary and Secondary Research?ππβ |
β’ primary research: collecting data that didn't exist before (a survey/questionnaire) β’ secondary research: collecting data that already exists (internet research) |
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Qualitative Research and Quantitative Research?π |
β’ Qualitative Research: qualityπ (info about opinions and attitudes) β’ Quantitative Research: data in numbers (quantity) |
qualitative and quantitative |
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Market Segments and Market Maps |
β’ market segment: group of buyers with the same characteristics and buying habitsπ«π¬ β’ market map: used to compare products in a market and to see if there is a gap in the marketπππ |
group of people & gap in the .. |
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What is added value?βββ |
β’ it's the difference between the cost of materials and the selling priceπ° |
the difference between cost and selling.. |
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What is added value?βββ |
β’ it's the difference between the cost of materials and the selling priceπ° |
the difference between cost and selling.. |
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What are the ways to add value?π |
β’ Unique selling pointππ₯ β’ Better designππ¨ β’ Improved qualityπ β’ Branding β’ Faster serviceππ¨ β’ More convenientπ |
ways that make customers pay more for a business' product |
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What is added value?βββ |
β’ it's the difference between the cost of materials and the selling priceπ° |
the difference between cost and selling.. |
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What are the ways to add value?π |
β’ Unique selling pointππ₯ β’ Better designππ¨ β’ Improved qualityπ β’ Branding β’ Faster serviceππ¨ β’ More convenientπ |
ways that make customers pay more for a business' product |
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Franchise, Franchisor and Franchisee⨠|
β’ franchise: the right given by one business to other businesses to sell goods/services using it's name β’ franchisor: the business that gives franchisees the right to sell its product/service β’ franchisee: a business that agrees to manufacture/distribute/provide a branded product by a franchisor |
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