business vocab

• Marketing Mix - term used to describe a comb of marketing tactics used to achieve business objectives. (Product, Price, Place, Promotion.)
• Market – an industry made up of customers and competitors that a business

  wishes to operate in and target its products and services towards and compete in.
• Target Customers – a group of customers with similar tastes at which a business

  enterprise aims its products/services
• Competitive environment - the way businesses compete with each other for

  customers.
• SWOT analysis – Strengths, Weaknesses, Opportunities, Threats.
• Competitor analysis table – product, age, price, location, quality and features.
• Trend – a popular product which is in fashion at a specific time.
• Brand – how a business can be identified / how customers regard the business as

  a whole.
• Product – goods or services that customers buy to meet their needs.
• Service– an act carried out by a business in exchange for money.
• USP– Unique Selling Point.
• Tangible– something that can be physically touched.
• Intangible – something that cannot be physically touched.
• Target Market – a particular group of customers at which a product or

  service is aimed.
• Quantitative Data - Information that is useful for statistical analysis and review e.g age & gender.
• Qualitative Data - Information that provides a business with a much more in

  depth understanding of key issues e.g. customer opinions about a new product.
• Market Research - the actions that a business will use to gather

  information about customers needs and wants.
• Primary research (field research) - research that has not been

  carried out before. E.g. surveys, questionnaires, interviews, focus group.
• Secondary research (desk research) - research that has previously

  been carried out or published for another purpose. E.g. researching the internet, newspapers and company reports.
• Mass Market – A large, wide ranging market usually with high sales and

  many competitors.
• Niche Market - A small specialist market, usually with low sales and fewer

  competitors.
• Market Orientated - A business reacts to what customer want/need using

  market research.
• Product Orientated - A business creates products or services based on

  scientific research and development or what it is good at.
• Boston Matrix - a method of analysing the product portfolio offered for sale by a business by categorising the products into dog, star, cash cow, and question mark.
• Product Lifecycle - a method of tracing

  the journey of a product from its development and launch to its removal from sale to the public.