Spotting a Business Opportunity Flashcards
What is a Supplier?
A business which sells (or supplies) products to another business.
Any person or organisation which buys or is supplied with a product or by a business.
Customer
Whats the difference between a survey and a questionnaire?
A survey is research involving asking questions of people or organisations whereas a questionnaire is a list of questions to be answered by respondents, designed to gather information about consumers’ tastes.
What is a Focus Group?
In market research, a group of people brought together to answer questions and discuss a product, brand or issue.
Give 3 examples of a customers needs
Value for money
Disability access
Good quality
What is a Franchise? Give an example
The right given by one business to another to sell goods or services using its name. -McDonalds
A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.
Unique Selling Point (USP)
What does a market map look like?
High Value
Low Quality High Quality
Low Value
Occurs when no business is currently serving the needs of customers for a particular product.
A Gap in the Market
What is a product range?
A group of similar products made by a business like a number of different soap products.
Is this a customer or consumer? The person who ultimately uses a product.
Consumer
Primary Research
The gathering of new information which has not been collected before.
Name an example of Primary research
- Survey
- Focus Group
- Interview
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 3 examples of a Brand
- Starbucks
- McDonalds
- Apple
Part of a market that contains a group of buyers with similar buying habits, such as age or income.
Market segment
What is the the difference between Quantitative data and Qualitative data?
Qualitative-Information about opinions, judgments and attitudes.
Quantitative-Data that can be expressed as numbers and can be statistically analysed.
Name an example of Qualitative Data
- Interviews
- Focus Groups
- Questionnaires
Name an example of Quantitative Data
- Survey
- Sales data
What is a Franchisee?
A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.
Franchisor
Added Value
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.
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.
When the price is very important in the decision about whether or not to buy.
Price sensitive
