Business Studies Key Terms 1.2

Front

Customer needs

Back

The wants and desires of buyers of a product or the customers of a business

Front

Price

Back

The amount of money customers have to give up to acquire a product

Front

Quality

Back

Achieving a minimum standard for a product or service which meets customers’ needs

Front

Market Research

Back

The process of gaining information about customers, competitors and market trends

Front

Gap in the Market

Back

Occurs when no business is currently serving the needs of customers for a particular product

Front

Risk

Back

The chance of damage or loss occurring as a result of making a decision

Front

Primary research

Back

Collecting data first hand to match the specific needs of the business

Front

Secondary research

Back

Gathering data that already exists

Front

Qualitative data

Back

Information about opinions, judgements, and attitudes

Front

Quantitative data

Back

Numerical data that can be statistically analysed