Analysing The Market Flashcards
1
Q
What does SWOT stand for ?
A
Strengths
Weaknesses
Opportunities
Threats
2
Q
Why does a business use SWOT ?
A
To analyse itself and other factors in the Market
3
Q
Market Analysis can be used to find a … ?
A
Gap in the Market
4
Q
What is an example of a gap in the Market ?
A
Customers having a need that isn’t being met
5
Q
What tends to happen if a business does not fill the gap in the Market ?
A
A competitor will
6
Q
What could be used to meet the gap In the Market ?
A
The 4 P’s
(Product
Place
Price
Promotion)
7
Q
Why can having a gap in the businesses market be an opportunity ?
A
Because if the marketing mix goes right, a gap can expand to become a large market
