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business > 1.2 > Flashcards

1.2 Flashcards

1
Q

Reasons for businesses to identify customer needs?

A

Identify gaps in market
Identify and understand competitors
Improve marketing mix based on consumer opinions

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2
Q

Why do businesses identify customer needs?

A

If not, then they won’t generate enough sales

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3
Q

What is primary research?

A

Collecting information that did not exist before

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4
Q

What is secondary research?

A

Collecting information that already exists

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5
Q

What is qualitative data?

A

Information about peoples opinions and attitude

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6
Q

What is quantitative data?

A

Data that can be expressed as numbers

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7
Q

What are methods of primary research?

A

Survey and focus group

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8
Q

All the benefits of primary research

A

Meet specific needs

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9
Q

What is a negative of primary research?

A

Time consuming

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10
Q

What are the methods of secondary research?

A

Internet
Company accounts

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11
Q

Benefits of secondary research?

A

Cheap, free to obtain

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12
Q

Draw backs of secondary research

A

Not specific to business needs

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13
Q

Why is it important that market research data is reliable?

A

They should be reliable in order to make good business decisions, so that products are improved

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14
Q

What are the benefits of using social media to collect market research?

A

-cheaper
-saves time
- identifies popular trends

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15
Q

What is market segmentation?

A

Dividing the market into groups of buyers with similar characteristics and habits

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16
Q

What is a market map?

A

A diagram that can be used to position and compare products in the market

17
Q

What are five ways of segmenting the market?

A

Age,location,gender,lifestyle,incomr

18
Q

What are the customer needs

A

Price,quality,choice,convenience

19
Q

What are the customer needs

A

Price,quality,choice,convenience

20
Q

short term sources of finance

A

-overdrafts
-trade credit

21
Q

what is an overdraft

A

An agreement with the bank to overspend on an account.

22
Q

what is trade credit

A

The ability to buy stock now and pay for it at a later date.

23
Q

long term sources of finance

A

-venture capitalist
-personal savings
-share capital
-bank loan
-retained profit

24
Q

advantages and disadvantages of share capital

A

-Share capital is a source of
permanent capital
-The business is vulnerable to takeover

25
Q

advantages and disadvantages of crowdfunding

A

-It acts as a form of market research.
-It can be difficult to reach the funding target.

business (11 decks)

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