Business Keywords 1.2 (copy)

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29 Terms

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Convenience

The ease with which a product or service can be used and/or it's easy-to-reach location

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Viable

Able to work properly or successfully

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Market Research

The process of gathering information about the market and customer's needs and wants in order to help inform business decisions, including product design and marketing

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Primary Research

Research conducted first-hand; tailored to a company's specific needs.

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Secondary Research

Existing sources of information that have previously been researched by other people for other purposes.

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Qualitative Data

In-depth research into opinions and views of a small sample of people, providing information on why customers prefer particular products or not.

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Quantitative Data

Numerical data from a large, representative sample size to give a clear picture of customer preferences.

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Focus Group

A group of people who discuss their views on a product, service, advertisement or idea, either face-to-face or online

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Target markets

A particular group of consumers at which a business aims its products and services

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Sample

A portion of the population asked for their opinions in order to draw conclusions about the behaviour of the whole population

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Generation Y

(also known as millennials) the people born shortly before the 21 st Century usually defined as born between 1980 and 2000

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Data

Information, particularly statistics, that can be collected and analysed

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Biased

Unbalanced or inclined to agree with a particular judgement or idea rather than presenting the evidence fairly

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Ethics

Moral principles or standards that guide the behaviour of a person or business

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Source

A place, person or thing, such as a book or report, that can provide information to be used in research

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Chamber of Commerce

A local association that promotes the interest of businesses in a county or region

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Trade Association

Organisation founded and funded by businesses that operate in a specific industry

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Analysis

The process of looking at data to identify patterns or trends

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Incentive

Something such as a payment or gift that encourages someone to do something

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Valid

Having a solid or accurate basis of facts

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Segmentation

The process of breaking something up into smaller parts

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Lifestyle

Grouping people by common characteristics of how they live, eg participation in sports or views on the environment.

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Demographics

Relating to the structure of a population, for example gender differences

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Axes

The reference lines on a graph

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SWOT analysis

A study undertaken by a business to identify the strengths and weaknesses, opportunities and threats to that business

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Market Map

A diagram identifying where existing brands are currently positioned in the market according to two criteria eg Age and price

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Gap in the market

An area on a market map where few or no existing brands operate, possibly where there is an opportunity to fill an unmet customer need

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Competitive environment

The strength of competition between companies in the same market

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Innovative

A new, perhaps original, product or process