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Business > 1.2 > Flashcards

1.2 Flashcards

1
Q

What are the 5 different ways businesses will change because of competitors:?

A
  1. Price
  2. Customer service
  3. Quality
  4. Product range
  5. Location
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2
Q

Define market size?

A

The number of individuals (including companies) within the market which are potential buyers or sellers of products. It can also mean the total value of products in the market

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3
Q

Define market share?

A

Is the proportion of total sales within the market that is controlled by the business

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4
Q

Define market segment?

A

An identifiable group of individuals, families, sharing one or more characteristics

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5
Q

What does Primary Research involve?

A

Getting information from potential customers yourself

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6
Q

Define focus group?

A

A small group of people discuss their attitude towards a product

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7
Q

Is observation an example of primary research?

A

Yes

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8
Q

What is a pro of large sample of primary research?

A

It is more accurate

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9
Q

What is a con of large sample of primary research?

A

More expensive

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10
Q

What is a con of primary research ?

A

It’s expensive and time consuming

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11
Q

What is a pro of primary research ?

A

It’s up-to-date,relevant and specific

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12
Q

What is secondary research?

A

Looking at work already published

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13
Q

What are examples of secondary research?

A
  • Market research reports
  • Government reports
  • Newspapers
  • Magazines
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14
Q

What are advantages of secondary research?

A
  • Cheap
  • Easily found
  • Instantly available
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15
Q

What are disadvantages of secondary research?

A
  • Not always relevant
  • Not specific
  • Could be out of date
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16
Q

Define Quantitative data?

A

Data to do with numbers

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17
Q

Define qualitative data?

A

Data to do with opinions and words

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18
Q

What is a reason for market segmentation?

A

It can help a business to find out who their customers are

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19
Q

Define segmentation?

A

When people within a market are divided into different groups

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20
Q

A market can be segmented by its…

A

Demographics

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21
Q

What are examples of demographics?

A
  • Age

- Income

22
Q

What are example of ways to segment the market

A
  • Location
  • Lifestyle
  • Income
  • Age
23
Q

Define demographics?

A

Statistical data relating to the population and particular groups within

24
Q

What are 2 purposes of market mapping?

A
  • Competitors selling similar products- and how customers perceive them
  • Any gaps in the market
25
Q

What two variables do market maps normally have?

A

Price and quality

26
Q

What are advantages of using social media to collect market research

A

They can see what sorts of things are popular or are increasing in popularity

27
Q

What is a market map

A

When you plot different businesses in terms of how expensive it is and how expensive it is and how good the quality is

28
Q

What are advantages of using s market map

A

You can spot competition and gaps in the market

29
Q

What’s a disadvantage of a market map

A

They’re opinion based

30
Q

What is a market segment

A

Putting people into different groups

31
Q

What is product differentiation

A

Changing your products

32
Q

What are ways you can segment a market

A
  • Age
  • Income
  • Location
  • Lifestyle
  • Race
  • Gender
33
Q

What are benefits of market segmentation

A
  • You know how a market is segmented
  • Know market size and shares
  • You can create a marketing strategy at their target market
34
Q

What are limitations of market segmentation

A
  • Generalising

- Not very specific

35
Q

What is a SWOT analysis and what does it stand for

A 
A way of analysing the company internally
Strength
Weaknesses
Opportunity
Threat
36
Q

What is a focus group

A

A bunch of people that get together and discuss a new product

37
Q

What is an observation

A

Noticing something

38
Q

What is an interview

A

When an employer asks questions to see if they want to give the person the job

39
Q

What is field research

A

Going and doing your own research (primary research)

40
Q

What is validity

A

How valid something is

41
Q

What is desk research

A

Using research that has already been done (secondary research)

42
Q

What is qualitative data

A

Data to do with words and opinions

43
Q

What is quantitative data

A

Data to do with numbers

44
Q

What is a customer

A

The person who BUYS the product/service

45
Q

What is market research

A

The action or activity of gathering information about consumers’ needs and preferences

46
Q

What is a purpose of doing market research

A
  • To understand customer needs

- To spot a gap in the market

47
Q

What is an advantage of doing primary research

A
  • Specific

- Recent

48
Q

What is primary research

A

Research you conduct yourself

49
Q

Disadvantages of primary research

A

Takes up time and money

50
Q

What is secondary research

A

Using research that has already been conducted

51
Q

What are advantages of secondary research

A
  • May be less reliable

- May be out of date

Business (10 decks)

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