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Business Studies



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6 The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
7 The gathering of new information, data that has not been collected before
8 Tailoring a product to meet customer needs and wants
9 Where a customer buys more than once from the same business
10 Part of a market that contains a group of buyers with similar buying habits, such as age or income
11 The combination of factors which help a business to take into account customer needs when selling a product, usually summarised with 4 pís.
1 A form of promotion where customers recommend a business due to favourable experiences
2 Part of the marketing mix - goods or services made by a business
3 The part of the marketing mix that focuses on where a firmís products are sold
4 Part of the marketing mix - how much customers are asked to pay
5 Data that can be expressed as number and can be statistically analysed
11 How a business makes its products known to customers Ė both existing and potential
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