Section 1 – Glossary of Key Terms
Section 1 – Glossary of Key Terms
|Term |Meaning |
|Entrepreneur |Someone who is prepared to take risks in order to bring a |
| |business idea to life |
|Market |Describes the system by which buyers and sellers of a |
| |particular product or service carry out transactions with each |
| |other |
|Primary Research |Research carried out by or on behalf of a business, |
| |specifically for their needs or requirements. (Expensive, but |
| |tailored to the business’ requirements). |
|Secondary Research |Research that is already in existence which can be used by |
| |businesses to find out about the market in which they want to |
| |operate. (Cheaper and quicker but not tailored to specific |
| |requirements) |
|Quantitative Research |Research that takes the form of figures and data that can be |
| |analysed to look for trends and differences. Requires |
| |questions that have specific responses. |
|Qualitative Research |Research that takes the form of attitudes, beliefs and opinions|
| |of people. Will require open questions that enable people to |
| |respond fully. |
|Ad Hoc Research |Takes place at a specific time to support a particular project |
| |e.g. whether to develop and launch a new product or service |
|Continuous Research |Research that takes place on a regular basis, such as monthly |
| |calls to customers to find out their views about the service |
| |received, or annual research in to a market and the trends and |
| |developments within it. |
|Market segment |A set of potential customers within a market who have a |
| |particularly common trait (e.g. single females aged 25 to 30). |
| |This enables businesses to promotoe products and services to |
| |particular groups in a way that appeals to them |
|Market Map |A method of analysing the market and potential competitors |
| |using two product attributes or customer requirements. For |
| |example, cheap vs expensive and modern vs traditional |
|Competitor Analysis |The process of investigating the strengths and weaknesses of |
| |potential competitors before starting a business. This enables|
| |an entrepreneur to target a customer need which may not be met |
| |very well at present. |
|Adding Value |The way in which a business convinces a customer to pay |
| |significantly more for a product or service than it costs to |
| |produce. There are a variety of techniques business use. |
|Franchise |An established business operation which can be operated by a |
| |someone in return for an investment and share of the profit. |
|Franchisor |A person or business who sells the right for someone to trade |
| |using the franchisor’s name and products |
|Franchisee |Someone who purchases the right to operate a business using an |
| |established trade name. They get marketing and training in |
| |return for a one-off fee up front and have to pay a % of their |
| |sales or profit. |
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