Business Keywords 1.2

Convenience

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

Viable

Able to work properly or successfully

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

Primary Research

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

Secondary
Research

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

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.

Quantitative Data

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

Focus Group

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

Target markets

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

Sample

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

Generation Y

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

Data

Information, particularly statistics, that can be collected and
analysed

Biased

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

Ethics

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

Source

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

Chamber of
Commerce

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

Trade Association

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

Analysis

The process of looking at data to identify patterns or trends

Incentive

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

Valid

Having a solid or accurate basis of facts

Segmentation

The process of breaking something up into smaller parts

Lifestyle

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

Demographics

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

Axes

The reference lines on a graph

SWOT analysis

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

Market Map

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

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

Competitive
environment

The strength of competition between companies in the same market

Innovative

A new, perhaps original, product or process