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Related Flashcards
Related Topics
Cards In This Set
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Entrepreneur
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An individual who takes a financial risk to create or start a new business or project.
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Enterprise
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The skills needed to make a new idea work.
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Opportunity Cost
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The benefit from the next best alternative that has been given up.
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Market Niche
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A small segment within a market.
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Brainstorming
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A problem-solving and idea-generating technique in which individuals are asked to come up with as many ideas as possible. Everyone is encouraged to talk and after a given period of time ideas are analysed in more detail.
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Patent
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Legal protection for a new invention.
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Copyright
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Legal protection for artistic and creative works.
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Trademark
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Legal protection for signs and symbols.
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Franchise
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Occurs when a franchisor sells the rights to use or sell their products or services to a franchisee.
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Business Plan
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A document setting out the strengths, aims and strategies of a business.
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Market Research
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The process of gathering, analysing and producing data relevant to the marketing process.
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Primary Market Research
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The process of gathering data for the first time with the use of surveys, footfall count, etc.
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Secondary Market Research
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The process of gathering data that already exists from sources such as the internet, newspapers, etc.
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Sample
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A group of people or items selected to represent the population as a whole.
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Focus Group
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A small number of people gathered to talk about a particular issue in open discussion.
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