Franchise - The right given by one business to another to sell goods or services using its name., Franchisee - A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor., Franchisor - The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment., Brand - A named product which customers see as being different from other products and which they can associate or identify with., Supplier - A business which sells (or supplies) products to another business., Consumer - The person who ultimately uses (or consumes) a product., Customer - Any person or organisation which buys or is supplied with a product or by a business., Survey - Research involving asking questions of people or organisations., Qualitativedata - Information about opinions, judgements and attitudes. 11,4, Primaryresearch - The gathering of new information, called primary data, which has not been collected before. 7,8, Secondaryresearch - The process of gathering data, which is information that has already been gathered such as sales records, government statistics, newspaper articles or reports from market research groups. 9,8, Addedvalue - The increase worth that a business creates for a product; it is the difference between what a business pays to its suppliers and the price that is able to charge for the product/service. 5,5, Quantitativedata - Data that be expressed as numbers and can be statistically analysed. 12,4, Innovation - The process of transforming inventions into products that can be sold to customers., Initiative - To work independently and be able to make the first move in business.,

Business Studies Unit 1 Keywords 1

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