Save
business theme 1 - key terms
Save
Share
Learn
Content
Leaderboard
Share
Learn
Created by
Kathryn
Visit profile
Cards (184)
What is a brand?
A
symbol
,
logo
, or design that distinguishes a product
View source
What does competition refer to in business?
The
rivalry
among
sellers
to achieve goals
View source
What characterizes a competitive market?
Many
rivals
selling similar products
View source
What is a competitor?
A
rival business
offering similar
goods
View source
What is direct competition?
Businesses producing similar
products
for the same customers
View source
What defines a dynamic market?
A market subject to
rapid
and continuous change
View source
What is indirect competition?
Different businesses competing for the same
customer experience
View source
What is innovation?
The creation and implementation of new
products
View source
What is a market?
Where
buyers
and
sellers
interact
View source
What does market growth indicate?
An
increase
in demand or sales for a
product
View source
How is market share defined?
The
percentage
of the total market a business has
View source
What does market size refer to?
The total amount of
sales
or
customers
in a market
View source
What is a mass market?
A large
unsegmented
market with
mass appeal
products
View source
What is a niche market?
A specialist area focusing on
specific
consumer needs
View source
What is online retailing?
Selling goods and services on the
internet
View source
What is product innovation?
The development of products not
previously
available
View source
How is sales volume calculated?
Sales revenue
divided by
selling price
View source
What does uncertainty in business refer to?
The inability to
predict
future events and outcomes
View source
What are biased questions?
Questions that do not reflect
true audience views
View source
What is consumer behaviour?
How consumers make decisions about
products
View source
What are databases?
An organized collection of data stored
electronically
View source
What is a face-to-face survey?
A method where the
interviewer
communicates directly
View source
What is a focus group?
A group discussing feedback for
market research
View source
What is government data?
Publications that
businesses
can use for research
View source
What is interview bias?
When the interviewer's
opinion
affects responses
View source
What is market orientation?
Products based around
customer
needs and wants
View source
What are market reports?
Documents
containing information and
statistics
View source
What is market research?
Gathering and analyzing information about
products
View source
What is market segmentation?
Dividing a market into
customer groups
with similarities
View source
What are market segments?
An
identifiable
group of individuals in a market
View source
What are observations in market research?
Watching the behavior of
customers
View source
What is primary market research?
Data obtained
first-hand
by the business
View source
What is product orientation?
Prioritizing product design over customer preferences
View source
What is qualitative research?
Market research relating to
opinions
and beliefs
View source
What is quantitative research data?
Numerical
information that can be analyzed
graphically
View source
What is respondent bias?
When respondents answer
inaccurately
for any reason
View source
What is a sample in market research?
A small group representing a
total market
View source
What is secondary market research?
Data collected by another
organization
for use
View source
What is segmentation in marketing?
Dividing
the market into
groups
with
similarities
View source
What is social networking?
A
platform
used to market products and services
View source
See all 184 cards
See similar decks
Business Theme 1 Key Terms
269 cards
Key Terms
Business > Theme 1
133 cards
business theme 1 key terms
116 cards
Business theme 1 key terms
182 cards
Business : Theme 1 KEY TERMS
201 cards
Business Theme 1 key terms
Business
134 cards
Key terms
Business > Theme 1
204 cards
Key terms 1 Business
173 cards
Business theme 1 key terms
50 cards
Business - Theme 1 - Key terms
135 cards
Key Terms
Business > Theme 1
193 cards
Key Terms
Business Theme 1
191 cards
1.1
business > theme 1
27 cards
Business Theme 1
207 cards
Business Theme 1 - Key Terms
191 cards
Theme 1 key terms
Business
205 cards
Business theme 1 key terms
6 cards
THEME 1 KEY TERMS
Business
77 cards
Business Theme 1 Key Terms
123 cards
key terms
business > theme 1
56 cards
BUSINESS THEME 1 KEY TERMS
203 cards