What Is Business? When you buy or exchange with a customer
What is a customer? A customer is a person who buys your product or service
What is a supplier? A supplier is someone who sells you a product or a service in bulk.
What is a Consumer? A consumer is a person who buys a product or service and uses it and doesn't sell it.
What is Market Research? A market research is in depth research in a pacific product or service in the trade market.
What is primary research? Primary research is when you find out your own research, for example when you take a survey.
What is secondary research? Secondary research is when you use other peoples research , for example you look on the internet to find information, you are using someone else's research.
What is qualitative data? This when you ask a question to find out one good idea in a focus group, for example ask shape cookie do you like? and they say stars.
What is meant by the term "Brand Image"? Brand image is a logo of some sort that represents a brand of some kind so people can recognise the brand, for example Ralph lauren is recognised by a man on a horse.
What brand image might buisness want for the following product? A. Helments for a building Site. A man wearing a hard hat with is thumb up.
What is meant by the term "After-sales service"? After-sales service means returns or exchanges of a product sold to a customr.
State two types of after-sales service that could be given by a garage? MOT Testing and Car repairs.
Explain why a business might want to develop a brand? Brands can get famous over a period of time with the right products and advertising a brand could be big and having a famous brand means added value to products because everybody wants that nice and known brand.
Using an example , explain the term 'product range' of a businesses? product range means a various options in one class of item, for example in BMW they have series of cars like a 3 series but there are various versions of the 3 series you get a 3 series saloon or a 3 series coupe.
List two benefits to customers from competition? Brands and buisnesses will cheapen products to attract more customers and constently release new products and designes.
State three strengths and three weaknesses to a business of opening a small independent sports shop?Strengths:More convenient for customers,new releases only, less staff needed
Weaknesses:Less variety of products,limited stock,selected items and sizes
Explain why someone with experience of the coffee trade might set up a specialist store? To cater to more coffee enthusiests .
State two reasons why a business might choose to set up s shop a store near to a rival?To see who gets more business and to see who got the best deals and prices.