Create an account
Describes the system by which buyers and sellers of a particular product or service carry out transactions with each other
Research carried out by or on behalf of a business, specifically for their needs or requirements. (Expensive, but tailored to the business' requirements).
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)
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.
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
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.
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
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
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.
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.
An established business operation which can be operated by a someone in return for an investment and share of the profit.
A person or business who sells the right for someone to trade using the franchisor's name and products
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together