Business 1.2 Flashcards
Customer needs
Price
Quality
Choice
Convenience
Being efficient and reliable
Great design
Why do you do market research
Identify and understand customer needs
Identify gaps in the market
To reduce risk
To inform business descisions
Methods of primary market research
Online survey
Questionaire
Focus group
Observation
Methods of secondary research
The internet
Reports
Two types of data and what they are
Qualitative - People’s opinions (complex)
Quantitative - Closed answers to specific questions (simple)
Ways to segment a market
Location
Income
Lifestyle
Age
Other factors (gender, race, religion)
To analyse the strengths and weaknesses of competitors you should look at
Price, quality, location, product range, customer service
Impact of competition on business
Forces businesses to
Offer good products and services
Keep prices down
Create new, inovative products
