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Edexcel GCSE Business 1.2 Spotting A Business Opportunity > 1.2 Spotting A Business Opportunity > Flashcards

1.2 Spotting A Business Opportunity Flashcards

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1
Q

Name four different factors that will influence a customer’s decision when choosing a product.

A

Price
Quality
Choice
Convenience

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2
Q

Give the 4 purposes of market research.

A

Identify and understand customer needs.

Identify gaps in the market.

Reduce risk.

Inform business decisions.

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3
Q

Which market research methods will result in new information?

A

Primary market research.

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4
Q

Which market research methods involve gathering data that already exists?

A

Secondary market research.

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5
Q

Is a survey a primary or secondary market research method?

A

Primary market research.

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6
Q

Is a questionnaire a primary or secondary market research method?

A

Primary

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7
Q

Is a focus group a primary or secondary market research method?

A

Primary

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8
Q

Are observations a primary or secondary market research method?

A

Primary

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9
Q

Is Internet research a primary or secondary market research method?

A

Secondary

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10
Q

Is a market report a primary or secondary market research method?

A

Secondary

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11
Q

Is a government report a primary or secondary market research method?

A

Secondary

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12
Q

Which type of data is based on peoples’ feelings, judgements and opinions?

A

Qualitative data.

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13
Q

Which type of data is numerical?

A

Quantitative.

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14
Q

Which type of data is easier to analyse to provide statistics. eg. 67% prefer pepperoni.

A

Quantitative.

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15
Q

Which technology has had a positive impact on market research by making it quicker and cheaper than traditional methods.

A

Social media.

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16
Q

What involves grouping customers together based on shared characteristics, wants and needs?

A

Market segmentation.

17
Q

Name the 6 ways of segmenting the market.

A

Age
Gender
Location
Income
Lifestyle
Demographics

18
Q

What are 3 disadvantages of segmenting the market?

A

Narrowing the market.
Increasing costs.
Need for continual review / re-evaluation.

19
Q

What is the name of the diagram that helps a business to position their product against their competitors on the scales of price and quality.

A

Market map

20
Q

When operating in a competitive environment, a business should look at which 5 features to assess the strengths and weaknesses of the competition.

A

Quality
Customer service
Price
Location
Product range

Edexcel GCSE Business 1.2 Spotting A Business Opportunity (1 decks)

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