1.2 Spotting Business Opportunity Flashcards
1
Q
Customers have various needs, involving a combination of:
A
- Price
- Quality
- Choice
- Convenience
- Great design
- Efficiency & reliability
2
Q
Market research helps to:
A
- Identify and understand customers needs
- Identify gaps in the market
- Reduce risk
- Inform decision making
3
Q
Market research may be ………….. or ……………?
A
Primary or Secondary
4
Q
Market research data may be ……………. or ……………?
A
Quantitive or Qualitative
5
Q
Markets may be segmented according to:
A
- Location
- Demographics
- Lifestyle
- Income
- Age
6
Q
Market mapping is a useful tool in segmentation. The strengths and weaknesses of competitors can be identified based on:
A
- Price
- Quality
- Location
- Product range
- Customer service
