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Level 1

1.1 - Spotting a business opportunity

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A business which sells (or supplies) products to another business.
Any person or organisation which buys or is supplied with a product by a business.
The person who ultimately uses (or consumers) a product.
Where buyers and sellers meet to exchange goods and services.
Customer needs
The wants and desires of buyers of a product or the customers of a business.
Market research
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
Primary (or field) research
The gathering of new information, called primary data, which has not been collected before.
Research involving asking questions of people or organisations.
Those who provide data for a survey usually by answering questions in a questionnaire or interview.
A list of questions to be answered by respondents, designed to gather information about consumers' tastes.
Focus group
In market research, a group of people brought together to answer questions and discuss a product, brand or issue.
Secondary (or desk) research
The process of gathering secondary data, which is information that has already been gathered such as sales records, government statistics, newspaper articles or reports from market research groups.
Qualitative data
Information about opinions, judgements and attitudes.
Quantitative data
Data that can be expressed as numbers and can be statistically analysed.
Market segment
Part of a market that contains a group of buyers with similar buying habits, such as age or income.
Price sensitive
When the price is very important in the decision about whether or not to buy.
Market map (or perceptual map or positioning map)
A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality.
Gap in the market
Occurs when no business is currently serving the needs of customers for a particular product.
Product range
A group of similar products made by a business, like a number of different soap powders.
A named product which customers see as being different from other products and which they can associate or identify with.
Brand image
The idea/impression/image that customers have in their minds about the brand.
Added value
The increased worth that a business creates for a product; it is the difference between what a business pays its suppliers and the price that it is able to charge for the product/service.
Unique selling point (or USP)
A characteristic of a product that makes it different from other similar products being sold in the market such as design, quality or image.
The right given by one business to another to sell goods or services using its name.
A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor.
The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment.