business 1.2

• Choice


  A range of products aimed at differing needs and segments.
• Competition


  When companies produce comparable products or services within the same market.
• Competitive advantage


  The advantage one company has over another, or several others.
• Competitive environment


  A market which has many competitors.
• Customer service


  Having a clear understanding of customer expectations and delivering.
• Demographics


  The characteristics of the population in terms of age and gender.
• Focus group


  Where a number of customers are invited to attend a discussion about a product.
• Gap in the market


  An area of the market, with no products currently being provided.
• Market mapping


  A method of evaluating business ideas by setting out the features of a market and plotting on current products being provided. Normally these are used to find a gap in the market.
• Market research


  Collecting and analysing data from customers, competitors and the market in general.
• Market segments


  An identifiable group of people with the similar characteristics. This could be split by location, demographics, lifestyle or income.
• Primary research


  Research which is being collected for the first time.
• Product portfolio


  The range of products a business sells.
• Qualitative data


  Data which is detailed and contains information about people's feelings and opinions.
• Quantitative data


  Data which is limited in detail, but can easily be put into graphs and charts for analysis.
• Secondary research


  The collection of data that already exists but is then used for a business's own requirements.