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Business > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

Business opportunity

A

Idea for a person a business so that they can generate income.

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2
Q

Needs and desires of a target market

A

Business should create a desire for their product through well designed advertising and marketing campaigns.

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3
Q

Importance of assessing needs and desires in identity a business opportunity 1

A

Needs and desire create a need for the market.

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4
Q

Importance of assessing needs and desires in identity a business opportunity 2

A

Needs and desires are key to a successful business

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5
Q

Importance of assessing needs and desires in identity a business opportunity 3

A

If you see that your need is not met you have a guaranteed market.

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6
Q

Importance of assessing needs and desires in identity a business opportunity 4

A

Every need and desire are a possible business opportunity

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7
Q

Research instrument

A

Tool used to collect , measure and analyze data related to a business opportunity

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8
Q

Good research instrument

A

Will provide ingo about a target which is meaningful

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9
Q

Design a good research instrument

A

Test questions
Decide what info you need

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10
Q

Criteria of a good research instrument

A

Valid
Reliable
Avoid bias

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11
Q

Diffrent research instruments to collect data

A

Surveys
Interviews
Questionares
Observations
Experimenting

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12
Q

Surveys

A

Telephonic
One on one
Face to face

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13
Q

Questionnaires

A

States the goal of research
Ask one question at a time

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14
Q

Interviews

A

Interactive conversations between researcher and respondent

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15
Q

Types of interviews

A

Personal
Telephonic
Email
Video

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16
Q

Research protocol

A

Plan with detailed guidelines that explain rules of research.

17
Q

Ethical issues and protocol to be adhered to when doing research

A

If the research is taken place within an organization it must be approved 1st.

18
Q

When pursuing a business opportunity insure that

A

It does not harm the environment

19
Q
  1. When pursuing a business opportunity insure that
A

The product or service should be safe

20
Q
  1. When pursuing a business opportunity insure that
A

The product or service should not be bad for people’s health

21
Q

Ethics in research elements

A

Research may not :
Disadvantage anyone
Be inhumane
Exploit anyone

22
Q

The research protocol also addresses the integrity of the research

A

The research must be approved first if it’s taking place within an organization

23
Q
  1. The research protocol also addresses the integrity of the research
A

Research protocol should address the integrity of the research

24
Q

Market research

A

Systemic gathering , recording , and analyzing of data about marketing goods and services

25
Q

Importance of market research

A

To identify gaps in customer expectations

26
Q
  1. Importance of market research
A

Can be used by a business to minimize tasks

27
Q
  1. Importance of market research
A

Can be used to identify a business opportunity

28
Q
  1. Importance of market research
A

Helps he business in enhancing and developing the product.

29
Q

Differences: internal market research

A

Focuses on factors within the business.

30
Q

Differences: External market research

A

Focuses on the interaction between business and customers

31
Q

Advantages of internal market research

A

Lower research costs
High response rate

32
Q

Disadvantages of internal market research

A

Lack of anonymity
Not as formalized as external researching

33
Q

Advantages of external market research

A

Zero bias
Objective results

34
Q

Disadvantages of external market research

A

Time consuming
Expensive research cost

35
Q

Benefits of SWOT analysis

A

Not expensive to perform
Gives big picture of business opportunity

36
Q

Limitations of SWOT analysis

A

Do not prioritize issues
Does not provide solutions or alternative decisions

Business (22 decks)

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