Edexcel GCSE Business Studies Unit 1 Spotting a Business Opportunity

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section 1 of unit 1 glossary of key terms

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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