4.1.2 Spotting a business opportunity Flashcards
1
Q
What customer needs are:
A
- price
- quality
- choice
- convenience
2
Q
The importance of identifying and understanding
customers:
A
- generating sales
- business survival.
3
Q
The purpose of market research:
A
● to identify and understand customer needs
● to identify gaps in the market
● to reduce risk
● to inform business decisions.
4
Q
Methods of market research:
A
● primary research
● secondary research
5
Q
Examples of primary research:
A
- survey,
- questionnaire
- focus group
- observation
6
Q
Examples of secondary research:
A
- internet
- market reports
- government reports.
7
Q
Market research definitions:
A
8
Q
Primary research
A
data collected first- hand for a specific research purpose.
9
Q
Secondary research
A
data that already exists that has been collected for a different purpose.
