Business Opportunity 1.2

Question 1

What is a market

Answer 1

1. A place where good and services are traded between supplier and consumer
2. Trade in a product (The Oil Market)
3. Potential customers for a product

Question 2

Competitors

Answer 2

Different businesses whom sell the same product in the same market

Question 3

Market Size

Answer 3

No. of people within the market

Question 4

Market Share

Answer 4

The proportion of sales a company has within the market

Question 5

Market Research

Answer 5

Businesses do this to find out about the market and their place in it, and the needs of the customers it is selling to

Question 6

How can you beet competitors?

Answer 6

1. Price, lower price = more sales
2. Better customer service
3. Better quality
4. Better product range
5. More convenient location

Question 7

How research helps the business

Answer 7

1. Make informed decision (What, Where, Price)
2. Spot market gaps
3. Reduce risk

Question 8

Types of research

Answer 8

1. Primary (doing your own work)
   a. Questionaires, Surveys, Focus Groups, Observation;
   over the internet and with large sample groups in
   real life
2. Secondary Research(using someone else’s)
   a. Past trends, Newspapers, Internet

Question 9

Primary Research Pros and Cons

Answer 9

\+ Specific
\+ Up to date
- Expensive
- Time consuming
- Hard to achieve

Question 10

Secondary Research Pros and Cons

Answer 10

\+ Cheap
\+ Broad
\+ Easy/Quick
- Can be out of date
- Not 100% relevant

Question 11

Where can you market research?

Answer 11

1. Social Media
2. Internet
3. Google Ads

Question 12

Quantitative Data

Answer 12

A numerical data value that can be measured

Question 13

Qualitative Data

Answer 13

Opinion based data about people’s feelings, that can be hard to measure

Question 14

Market Segmentation

Answer 14

Breaking down the market into smaller chunks based off demographics; such as age, income, location and lifestyle