Key Terms

Question 1

Entrepreneurs

Answer 1

individuals who, typically, set up and run a business and take the risks associated with this.

Question 2

Intrapreneurs

Answer 2

employees who use entrepreneurial skills, without having to risk their own money, to find and develop initiatives that will have financial benefits for their employer.

Question 3

Brand name

Answer 3

a name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors.

Question 4

E-commerce

Answer 4

Conducting business transactions online

Question 5

Online retailing or e-etailing

Answer 5

The retailing of goods online

Question 6

Market

Answer 6

a set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services.

Question 7

Marketing

Answer 7

a management process involved in identifying, anticipating and satisfying consumer requirements profitably.

Question 8

Market share

Answer 8

the proportion of total sales in a particular market for which one or more businesses or brands are responsible. It is expressed as a percentage and can be calculated by value or volume.

Question 9

Mass market

Answer 9

A very large market in which products with mass appeal are targeted

Question 10

Niche market

Answer 10

A smaller market, usually within a large market or industry

Question 11

Consumer panels

Answer 11

Groups of customers that are asked for feedback about products over period of time

Question 12

Database

Answer 12

an organised collection of data stored electronically with instant access, searching and sorting facilities.

Question 13

Focus groups

Answer 13

where a number of customers are invited to attend a discussion about a product led by market researchers.

Question 14

Market orientation

Answer 14

an approach to business which places the needs of consumers at the centre of the decision-making process

Question 15

Market research

Answer 15

the collection, presentation and analysis of information relating to the marketing and consumption of goods and services.

Question 16

Market segment

Answer 16

part of a whole market where a particular customer group has similar characteristics.

Question 17

Primary research or field research

Answer 17

the gathering of new information which does not already exist

Question 18

Product orientation

Answer 18

an approach to business which places the emphasis upon the production process and the product

Question 19

Qualitative research

Answer 19

the collection of data about attitudes, beliefs and intentions.

Question 20

Quantitative research

Answer 20

the collection of data that can be quantified.

Question 21

Respondent

Answer 21

a person or organisation that answers questions on a survey.

Question 22

Sample

Answer 22

A small group of people who must represent a proportion of a total market when carrying out market research

Question 23

Secondary research or desk research

Answer 23

the collection of data that is already in existence.

Question 24

Socio-economic groups

Answer 24

division of people according the social class.

Question 25

Added value

Answer 25

the extra features that may be offered by a business when selling a product, such as high quality customer service, which helps to exceed customer expectations.

Question 26

Competitive advantage

Answer 26

an advantage that enables a business to perform better than its rivals in the market.

Question 27

Market maps or perceptual maps

Answer 27

typically a two-dimensional diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market.

Question 28

Market positioning

Answer 28

the view consumers have about the quality, value for money and image of a product in relation to ppthose of competitors,

Question 29

Complementary goods

Answer 29

Goods that are purchased together because they are consumed together

Question 30

Product differentiation

Answer 30

an attempt by a business to distinguish its product from those of competitors.

Question 31

Reposition

Answer 31

change the view consumers have about a product by altering some of its characteristics.

Question 32

Unique selling point (or preposition)

Answer 32

the aspect or feature of a product that clearly distinguishes it from its rivals.

Question 33

Demand

Answer 33

The quantity of product bought or given price over a given period of time

Question 34

Demand curve

Answer 34

A line drawn on a graph that shows how much of a good will be bought at different prices

Question 35

Inferior goods

Answer 35

goods for which demand will fall if income rises or rise if income fall.

Question 36

Normal goods

Answer 36

goods for which demand will rise if income rises or fall it income falls.

Question 37

Substitute goods

Answer 37

goods that can be bought as an alternative to others but preforms the same function