1f) Market research & initial feasibility studies Flashcards
1
Q
What is market research?
A
market research is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.
2
Q
what is qualitative data?
A
qualitative data is non numerical data, this can include information such as opinions or written survey responses.
3
Q
What is quantitative data?
A
Quantitative data is numerical data, such as figures and statistics.
4
Q
What is An initial feasibility study?
A
An initial feasibility study is a researched evaluation of how viable a business concept is.
5
Q
What are market conditions?
A
Market conditions are the factors that make up and influence a specific industry.
6
Q
‘What are the 5 area of feasibility to consider?
A
- Market feasibility
- Operational feasibility
- Commercial feasibility
- Technical feasibility
- Legal Feasibility
