Topic 1.1 Revision

Market- A market is where buyers and sellers can trade

Customer Needs- Problems that customers intend to solve with the purchase of a good or service

Market Research- Research that gathers and analyse imformation about the moving of good or service from producer to consumers

Primary Research- Primary data is where you collect data/information by yourself

Secondary Research- Where the data already exists using the internet or newspaper

Qualitative data- Qualitative reasearch is associated to emotions and feelings

Quantitative Data- Quantitaive data is where you collect data and put it into a group

Added Value- Added value is an amount of money added to the value of a product or service

Franchise- A franchise is an arrangement in which established business name

Market Mapping- A study of various market conditions that is plotted on a map to identify trends and corresponding variables between consumers and products

Comment Stream