Business Opportunity

Question 1

Supplier

Answer 1

A business which sells (or supplies) products to another business.

Question 2

Any person or organisation which buys or is supplied with a product or by a business.

Answer 2

Customer

Question 3

Consumer

Answer 3

The person who ultimately uses (or consumes) a product.

Question 4

Customer Needs

Answer 4

Value for money
Disability access
Good quality
Safe environment

Question 5

Primary (or field) research

Answer 5

The gathering of new information which has not been collected before. E.g Survey, focus group, interview

Question 6

Research involving asking questions of people or organisations.

Answer 6

Survey

Question 7

Those who provide data for a survey usually by answering questions in a questionnaire or interview.

Answer 7

Respondents

Question 8

A list of questions to be answered by respondents, designed to gather information about consumers’ tastes.

Answer 8

Questionnaire

Question 9

Focus group

Answer 9

In market research, a group of people brought together to answer questions and discuss a product, brand or issue.

Question 10

Secondary (or desk) research

Answer 10

Information that has already been gathered e.g sales records, government statistics, newspaper articles

Question 11

Qualitative data

Answer 11

Information about opinions, judgements and attitudes. E.g interviews, focus groups, questionnaires

Question 12

Quantitative data

Answer 12

Data that can be expressed as numbers and can be statistically analysed. E.g survey, sales data

Question 13

Part of a market that contains a group of buyers with similar buying habits, such as age or income.

Answer 13

Market segment

Question 14

Price sensitive

Answer 14

When the price is very important in the decision about whether or not to buy.

Question 15

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.

Answer 15

Market Map

Question 16

Gap in the market

Answer 16

Occurs when no business is currently serving the needs of customers for a particular product.

Question 17

Product range

Answer 17

A group of similar products made by a business like a number of different soap products.

Question 18

A named product which customers see as being different from other products and which they can associate or identify with.

Answer 18

Brand

Question 19

Added Value

Answer 19

The increase worth that a business creates for a product; it is the difference between what a business pays to its suppliers and the price that is able to charge for the product/ service.

Question 20

Unique selling point or USP

Answer 20

A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.

Question 21

The right given by one business to another to sell goods or services using its name.

Answer 21

Franchise

Question 22

Franchisee

Answer 22

A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.

Question 23

Franchisor

Answer 23

The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.