Spotting Business opitunity Flashcards
What is a Supplier
A business which sells (or supplies) products to another business.
What is the difference between consumer and customer
Customer -Any person or organisation which buys or is supplied with a product or by a business.
Consumer -The person who ultimately uses (or consumes) a product.
List some customer needs
Value for money
Disability access
Good quality
Safe environment
What is the difference between primary data and secondary data
Primary (or field) research-The gathering of new information which has not been collected before. E.g Survey, focus group, interview
Secondary (or desk) research -Information that has already been gathered e.g sales records, government statistics, newspaper articles
Which of these is not an example of qualitative data Surveys questionnaire focus groups interviews
Surveys because it doesn’t give information about peoples opinions, judgement or attitudes
What is the difference between qualitative and Quantitative data
Qualitative data -Information about opinions, judgement and attitudes. E.g interviews, focus groups, questionnaires
Quantitative data -Data that can be expressed as numbers and can be statistically analysed. E.g survey, sales data
Give an example of a market segmentation
Demographics(Age race, gender occupation and education and income)
Geographic(The area and country you live in)
Psychographics(the lifestyle of the customers or there routine)
Behavioral(based on customer on behavior)
What does the term price sensitive mean
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 does this describe
“Occurs when no business is currently serving the needs of customers for a particular product.”
Gap in the market
what is “A group of similar products made by a business.”
Product range
Which of these mean “A named product which customers see as being different from other products and which they can associate or identify with. “
Brand
Added Value
Unique selling point or USP
Brand
What is the official term when a business raises the price of a product
Added Value
What is a unique selling point
A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image.
What is the difference between franchise franchisee and franchisor
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.
