1.2 - Spotting A Business Opportunity Flashcards
1
Q
What are the customer needs
A
Price
Choice
Quality
Convenience
2
Q
The importance of understanding customers
A
Generating sales
Business survival
3
Q
Purposes of Market research
A
To identify and understand customer needs
To identify gaps in the market
To reduce risk
To inform business decisions
4
Q
Methods of primary research
A
Survey
Questionnaire
Focus group
Observation
5
Q
Methods of secondary research
A
Internet
Market reports
Government reports
6
Q
Types of data
A
Qualitative
Quantitative
7
Q
Market segments
A
Location
Demographics
Lifestyle
Income
Age
8
Q
Things competition impacts
A
Price
Quality
Location
Product range
Customer service
