Business 1.2 spellings +definitions

• Demographics


  statistical structure of a population eg.race ,age,gender
• Questionnaire

  set of printed / written questions with a choice of answers for a surgery or statistical study
• Qualitative data


  in depth research into opinions and views of a small group of potential customers
• Quantitive data


  factual research among a large enough sample of people providing reliable results
• Market segments 


  to group a market that have similar characteristics
• Primary research


  Research organised by its own company
• Secondary research 


  When a business uses research that has already been organised for general purposes
• Choice


  Giving customers options and increasing the change that the product will be perfect for customers tastes
• Innovative 


  New, perhaps original , product
• Differentiation


  Making a product or service different from others in some way
• Gap in the market


  An opportunity to offer something customers want but that business aren’t currently providing
• Competition


  rival businesses/companies operating in your market sector
• Market map


  Identifies existing brands/ features (existing in a two factor grid) of a company
• Focus groups 


  A group discussion among people selected from target markets producing quantitive and qualitative data
• Lifestyle


  Grouping people by common characteristics on how they live
• Location


  Location of a business operation
• Business


  Activity of attempting to generate income by producing or buying and selling products