1.2 - Spotting A Business Opportunity Flashcards
1
Q
What can a market be?
3 things
A
A place - where it is sold
A product - a market for the product
People - the potential customers (businesses compete for customers)
2
Q
How does competition affect business decisions? (5 ways)
A
Businesses will compete by making decisions about
- price of a product
- customer service
- quality of products
- range of products
- location/convenience
3
Q
What is market research used for?
A
To understand customers and what they want
- Make informed decisions
- spot a gap in the market
- Reduce risk
4
Q
What are the two types of market research?
A
- Primary, doing your own research
- Secondary, looking at other peoples
5
Q
What are the two types of data?
A
- Quantitative, measurable/a number
- Qualitative, opinions of customers
6
Q
How can a business segment its customers?
A
- Age
- Income
- Location
- Lifestyle
7
Q
What is a competitor?
A
A business selling similar products
