Business Unit 1.1 Flashcards
What is a supplier? Give some examples?
A business that sells (or supplies) products to another business e.g a flour delivery to a bakery
What is the keyword?
“Any person or organisation which buys or is supplied with a product by another business”
Customer
Name the 3 different types of sectors
Primary, Secondary and Tertiary
Give some examples of customer needs
Value for Money
Disability Access
Good Quality
Safe Environment
What is the keyword?
“The gathering of new information which has not been collected before. E.g Survey, focus group, interview”
Primary (or field) research
What is the difference between a survey and a questionnaire?
Questionnaire – a written or printed set of questions used in gathering information from people.
Survey – a detailed study as by gathering information and analyzing it.
What is the keywords?
“Those who provide data for a survey usually by answering questions in a questionnaire or interview.”
Respondants
Unscramble the anagram and give a definition of the keyword!
“cofus pogru”
Focus Group
In market research, a group of people brought together to answer questions and discuss a product, brand or issue.
What is Secondary (or desk) research?
Information that has already been gathered e.g sales records, government statistics, newspaper articles
Qualitative or Quantitative data?
“Data that can be expressed as numbers and can be statistically analysed. E.g survey, sales data”
Quantitative
Give a definition of Qualitative data
Information about opinions, judgements and attitudes. E.g interviews, focus groups, questionnaires
Market Segmentation
Give a definition and what kind of chart can be used to represent this?
Part of a market that contains a group of buyers with similar buying habits, such as age or income.
Pie Chart
Give some examples of being price sensitive
When the price is very important in the decision about whether or not to buy.
What is a 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.
What is the Keyword?
“Occurs when no business is currently serving the needs of customers for a particular product.”
A Gap In The Market
Unscramble the anagram and give the definition!
Tropudc Geran
Product Range - A group of similar products made by a business like a number of different soap products.
What is a brand?
A named product which customers see as being different from other products and which they can associate or identify with.
Give the keyword:
“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.”
Added Value
Whats the definition of Unique Selling Point/USP?
A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.
Whats a franchise and a franchisee?
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 licence by a franchisor.
Unscramble the world and give the definition!
Rochsirafn
Franchisor The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.
