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