Topic 1 Spotting A Business Opportunity

Question 0

Define a customer

Answer 0

A person or organisation that buys or is supplied with a product

Question 1

Define a supplier

Answer 1

A business which sells or suppliers products to another business

Question 2

Define a consumer

Answer 2

The person who uses or consumes a product

Question 3

Define markets

Answer 3

Where buyers and sellers meet to exchange goods and services

Question 4

What are customer needs?

Answer 4

The want and desires of a customer of a business

Question 5

Define market research

Answer 5

The process of gaining information about customers, competitors and market trends through primary or secondary data

Question 6

Primary research

Answer 6

Gathering new information yourself that had not been collected before

Question 7

Define a survey

Answer 7

Research by questioning an individual or organisation

Question 8

What are respondents?

Answer 8

The people who provide information for a survey. This is usual by answering questions in a questionnaire or an interview.

Question 9

What is a questionnaire

Answer 9

A list of questions designed to gather information about customer’s tastes. Answered by respondents.

Question 10

What is a focus group

Answer 10

Where a group of people are brought together in market research to answer questions and discuss a product.

Question 11

What is secondary data?

Answer 11

Gathering information that has already been collected

Question 12

Define qualitative data

Answer 12

Information described by words

Question 13

What is quantitative data?

Answer 13

Data that is expressed by numbers

Question 14

What is a market segment?

Answer 14

It is a part of a market that contains a group if buyers with similar buying habits

Question 15

Define price sensitive

Answer 15

When the price is very important in a sale where it decide whether to buy or not.

Question 16

What is a market map?

Answer 16

A diagram that shows the range of possible proportions for two features of a product.

Question 17

What is a gap in a market?

Answer 17

This occurs when there is no business currently serving the need of customers for a particular product.

Question 18

What is a product range?

Answer 18

It is a group of similar products made by a business

Question 19

Define a brand

Answer 19

A product that a customer can see as being different to others and by which they can identify them.

Question 20

Define added value

Answer 20

The increased worth of a product; difference in how much a business pays for it and how much they charge

Question 21

What does a USP stand for and what is it?

Answer 21

A characteristic of a product that makes it different from others. This could be the quality or design

Question 22

What is a franchise?

Answer 22

The right given by a business to another to sell goods or services under its name.

Question 23

What is a franchisee

Answer 23

A business that agrees to manufacture, distribute or provide a branded product under a licence by a franchisor

Question 24

What is a franchisor?

Answer 24

It is the business that gives franchisees the right to sell its product for a fixed sum of money or loyalty payment