Spotting a Business Opportunity Flashcards
Supplier
A business that sells products to another business
Customer
A person who buys products or supplies from a business
Consumer
A person who uses ( or consumes) a product
Customer Needs
It is what a customer is looking for or needs i.e disability access, value for money, good quality and safe enviroment
Survey
Research asking questions of people or organizations
Respondents
The people who respond/answer questions in a survey providing information in a questionnaire or an interview
Questionnaire
A list of questions answered by respondents, used to gather information about consumers’ tastes
What is a Focus Group?
A group of people brought together to answer questions and discuss a product, brand or issue
Market segment
It is the part of a market where buyers have similar interests or buying habits
Whats the difference between qualitative and quantitative data?
Qualitative data is opinions, judgments or attitudes whereas quantitative data is facts and statistics
When the price is the decision whether to buy or not to buy
Price sensitive
What is the difference between primary and secondary research?
Primary research is gathering new information however secondary research is gathering information that is already collected
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.
Market map
What is a gap in the market?
A part of the market where there is an opportunity for a new product to be introduced
Product range
A group of similar products made by a business like a number of different soap products.
Brand
A named product which customers see as being different from other products and which they can associate or identify with.
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.
Unique selling point or 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.
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.
Franchisor
The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.
