key terms Flashcards
what are needs?
basic necessities (e.g food or shelter)
what are wants?
would like to have (e.g holidays or fancy cars)
what are goods?
products that are tangible- physical products (e.g books or tables)
what are services?
products that are intangible- no physical elements (e.g haircuts or education)
what is an entrepreneur?
the person who takes the risk of starting and running a business enterprise
what are enterprising characteristics?
the features of an entrepreneur,which include being determined, creative and having ability to take risks
what is supply?
the amount of goods/services that are produced
what is profits?
the revenue minus the costs
what is demand?
the amount of goods/services that the customers are willing and able to buy
what does spotting an opportunity mean?
the ability to see the need for a particular product or service that customers need, or spotting a gap in the market
what is primary research?
involves collecting information that is new
what is secondary research?
looking at research information that has been collected by another organisation
what is quantitative data?
research that produces numerical data (e.g sales)
what is qualitative data?
research that produces non-numerical data (e.g words)
what is market segmentation?
process of classifying a market of potential customers into small groups/segments based on multiple features significant to you
