- What is a business?
Business is where you buy or exchange to customers.
- what is a customer?
A customer is a person buying something or receiving something exchange of money
what is a supplier ?
A supplier is someone that sells , trades or exchanges to someone to help them with there business
what is a consumer ?
Consumers are the last person buying or exchanging something.
What is a market research?
the action or activity of gathering information about consumers' needs and preferences.
What is a primary research?
Primary research is any type of research that you go out and collect yourself. Examples include surveys, interviews, observations.
What is a secondary research
Secondary research involves the summary, collation and/or synthesis of existing research rather than primary research, where data is collected from, for example, researchsubjects or experiments.
what is a qualitative Data
Qualitative research is a method of inquiry employed in many different academic disciplines, traditionally in the social sciences, but also in marketresearch and further contexts.
What is quantitative data
Quantitative research is about asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you. To get reliable statistical results, it's important to survey people in fairly large numbers and to make sure they are a representative sample of your target market.
CHAPTER 3 MARKET MAPPING
What is a market mapping
- Market Mapping is a comprehensive industry specific candidate sourcing process. It identifies the 'hot spots' of in-demand skillsets and tracks candidate movements in the UK staffing market.
what is market segments give exsamples
Market segmentation is the technique used to enable a business to better target it products at the right customers.
name some expensive shops
name some cheap shops
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 E.G voi is represented with a v
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"?
Returns or exchanges of a product sold to a customer
State two types of after-sales service that could be given by a garage? fuel repair and Car repairs.
Explain why a business might want to develop a brand?
Advertising a brand could be good also having a good 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 asda they have food and other things like toys and cloths
List two benefits to customers from competition?
Brands and buisnesses will make things cheaper p to attract more customers and add more things
State three strengths and three weaknesses to a business of opening a small independent sports shop?for customers,strengths: add more things, less staff needed,more product
Weaknesses:Less variety of products,not much of a sale ,different items and sizes
Explain why someone with experience of the coffee trade might set up a specialist store? To have more coffee customers .
State two reasons why a business might choose to set up s shop a store near to a rival?To see who gets more money