Business Theme 1

Brand

A symbol, logo or design that is recognisable and distinguishes a product from its competitors

Competitive market

When they are many rivals selling similar products

Competitor

A rival business operating in the same market offering similar goods or services

Dynamic market

A market that is subject to rapid to rapid/continuous change

Innovation

The creation, development and implementation of a new product, process or service

Market

Where buyers and sellers interact

Market growth

An increase in demand/sales for a particular product/service

Market share

The % of the total market a business has in terms of volume/value

Market size

The total amount of sales and customers in a market

Mass Market

A large market, where mass appeal products are sold

Niche market

A small section of the market, that offers specialised products

Online retailing

Selling good and services on the internet

Sales volume

The quantity of a good or service sold within a specific time

Uncertainty

The inability to predict future events and outcomes. Often caused by unexpected external factors, outside of the businesses control

Consumer Behaviour

The way consumers make decisions about how they choose and use products and services

Focus groups

A form of market research were a group of people participate in a discussion to give feedback about a businesses products/services

Market Orientation

When the businesses products/services are based on the needs and wants of the customer

Market Research

Gathering, presenting and analysing information about product/customers

Market segmentation

Dividing a whole market into particular customer groups that have similar characteristics

Primary market research

The gathering of new information that dosen’t already exist

Product orientation

When a business prioritises a products design quality rather than meeting the customers preferences

Qualitative research

Market research collected which is specific to the opinions and beliefs of consumers (not numerical data)

Quantitative research

Numerical information gathered

Sample

A small group of people who represent a proportions of the total market- used when carrying out market research

Secondary Market Research

The Collection of data that already exists (has been collected by another business or individual)

Survey

A method of primary research used to collect information

Respondent

A person or organisation that answers questions in a Survey

Added value

The extra features that may be offered by a business when selling a product e.g: high quality customer service

Competitive advantage

An advantage that enables businesses to perform better than its rivals in the market

Market mapping

A form of marketing positioning, where a two dimensions diagram is used to plot products services in a market using two key variable. Used to spot the gap