Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
30 Cards in this Set
- Front
- Back
|
|
|
|
|
|
|
|
|
Supplier
|
A business which sells products to another business
|
|
Customer
|
Any person or organisation which buys or is supplied with a product by a business
|
|
Consumer
|
The person who ultimately uses (or consumes) a product
|
|
Markets
|
Where buyers and sellers meet to exchange goods and services
|
|
Market research
|
The process of gaining information about customers, competitors and market trend through collecting primary and secondary data
|
|
Quantitative data
|
Data that can be expressed as numbers and can be statistically analysed
|
|
Qualitative data
|
Data about opinions, judgments and attitudes
|
|
Survey
|
Research involving asking questions of people
|
|
Respondents
|
Those who provide data for a survey usually by answering questions
|
|
Questionnaires
|
A list of questions to be answers by respondents, designed to give information about consumers’ tastes
|
|
Customer needs
|
The wants and desires of buyers of a product or the customers of a business
|
|
Primary (field) research
|
The gathering of new information which has not been collected before
|
|
Focus group
|
A group of people brought together to answer questions and discuss a product, brand or issue
|
|
Secondary (desk) research
|
The gathering of information that has already been gathered such as sales record or newspaper articles
|
|
Market segment
|
Part of a market that contains a group of buyers with similar buying habits, such as age or income
|
|
Price sensitive
|
When the price is very important in the decision about whether or not to buy
|
|
Market map
|
A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality
|
|
Gap in the market
|
Occurs when no business is currently serving the needs of customers for a particular product
|
|
Product range
|
A group of similar products made by a business, like a number of different soap powders
|
|
Brand
|
A named product which customers see as being different from other products and which they can associate or identify with
|
|
Brand image
|
The idea/impression/image that customers have in their minds about the brand
|
|
Product range
|
A group of similar products made by a business, like a number of different soap powders
|
|
Brand
|
A named product which customers see as being different from other products and which they can associate or identify with
|
|
Brand image
|
The idea/impression/image that customers have in their minds about the brand
|
|
Franchise
|
The right given by one business to another to sell goods or services using its name
|
|
Franchisee
|
A business that agrees to manufacture, distribute or provide a branded product, under license by a franchisor
|
|
Franchisor
|
The business that gives franchisees the right to sell its product, in return for a fix sum of money or a royalty payment
|