Business 1.2

Question 1

Convenience

Answer 1

A good or service’s ability to fit in well with a customer’s lifestyle or routine, the ease with which it can be used and/or its
easy to reach location

Question 2

Choice

Answer 2

giving customers options and increasing
the chance that the product will be perfect for
the tastes/habits of one type of customer.

Question 3

Market Research

Answer 3

The process of gathering information about the market and customers’ needs and wants in order to help inform business
decision, including product design and marketing

Question 4

Identifying customers

Answer 4

finding out who they are:
their age, gender, incomes, where they live and
what they want.

Question 5

Target Market

Answer 5

A particular group of consumers at which a business aims its products and services

Question 6

Quality

Answer 6

to a customer quality means getting what they want, or perhaps better than expected; some companies use the term ‘customer delight’.

Question 7

Data

Answer 7

Information, particularly statistics, that can be collected and analysed

Question 8

Understanding customers

Answer 8

learning why customers do what they do, making it easier to see how to make a product that better suits them.

Question 9

Trade association

Answer 9

Organisation founded and funded by businesses that operate in a specific industry

Question 10

Segmentation

Answer 10

The process of breaking something into smaller parts

Question 11

SWOT analysis

Answer 11

A study undertaken by a business to identify the strengths and weaknesses, opportunities and threats

Question 12

Focus group

Answer 12

a group discussion among people selected from the target market; it draws on psychology to provide qualitative insights into consumer attitudes.

Question 13

Primary research

Answer 13

research conducted
first-hand; it is tailored to a company’s specific
needs, for example a quantitative sales
estimate for a brand new chocolate bar.