1.2- Spotting a business opportunity Flashcards
What are the customer needs?
- Price
- Convenience
- Quality
- Choice
What factors influence customer buying decisions?
- Family needs
- Financial needs
- Emotional needs
- Brand loyalty
What are the methods of market research?
- Primary research (Surveys, questionnaires, focus groups)
- Secondary research (Internet,market reports, government reports)
What are the two types of data used in market research?
- Qualitative data
- Quantitative data
What does using social media for market research allow a business to do?
- Deepen understanding of the market
- Identify popular trends
- Imporve products and marketing
- Save time conducting market research
What is validity?
-A measure of how good the designs and methods of research are and wether it can be trusted or not
What is reliability?
-Wether the results from a sample are representative of a wider group
What are the Market Segments?
- Location
- Demographics
- Behaviour
- Lifestyle
- Income
- Age
What does market mapping allow a business to do?
- See all the products or services in the market
- Identify competitors
- Spot any gaps in the market
What are direct and Indirect competitors?
- Direct competitors sell the same products
- Indirect competitors compete in similar markets
What are the strengths and weaknesses of competitors?
- Price
- Quality
- Location
- Product range
- Customer service
What is Swot analysis?
- Swot anaylsis is a way of assessing competition
- Strength
- Weaknesses
- Opportunity
- Threats
