Chapter 3 Flashcards
Business opportunity
Idea for a person a business so that they can generate income.
Needs and desires of a target market
Business should create a desire for their product through well designed advertising and marketing campaigns.
Importance of assessing needs and desires in identity a business opportunity 1
Needs and desire create a need for the market.
Importance of assessing needs and desires in identity a business opportunity 2
Needs and desires are key to a successful business
Importance of assessing needs and desires in identity a business opportunity 3
If you see that your need is not met you have a guaranteed market.
Importance of assessing needs and desires in identity a business opportunity 4
Every need and desire are a possible business opportunity
Research instrument
Tool used to collect , measure and analyze data related to a business opportunity
Good research instrument
Will provide ingo about a target which is meaningful
Design a good research instrument
Test questions
Decide what info you need
Criteria of a good research instrument
Valid
Reliable
Avoid bias
Diffrent research instruments to collect data
Surveys
Interviews
Questionares
Observations
Experimenting
Surveys
Telephonic
One on one
Face to face
Questionnaires
States the goal of research
Ask one question at a time
Interviews
Interactive conversations between researcher and respondent
Types of interviews
Personal
Telephonic
Email
Video
Research protocol
Plan with detailed guidelines that explain rules of research.
Ethical issues and protocol to be adhered to when doing research
If the research is taken place within an organization it must be approved 1st.
When pursuing a business opportunity insure that
It does not harm the environment
- When pursuing a business opportunity insure that
The product or service should be safe
- When pursuing a business opportunity insure that
The product or service should not be bad for people’s health
Ethics in research elements
Research may not :
Disadvantage anyone
Be inhumane
Exploit anyone
The research protocol also addresses the integrity of the research
The research must be approved first if it’s taking place within an organization
- The research protocol also addresses the integrity of the research
Research protocol should address the integrity of the research
Market research
Systemic gathering , recording , and analyzing of data about marketing goods and services
Importance of market research
To identify gaps in customer expectations
- Importance of market research
Can be used by a business to minimize tasks
- Importance of market research
Can be used to identify a business opportunity
- Importance of market research
Helps he business in enhancing and developing the product.
Differences: internal market research
Focuses on factors within the business.
Differences: External market research
Focuses on the interaction between business and customers
Advantages of internal market research
Lower research costs
High response rate
Disadvantages of internal market research
Lack of anonymity
Not as formalized as external researching
Advantages of external market research
Zero bias
Objective results
Disadvantages of external market research
Time consuming
Expensive research cost
Benefits of SWOT analysis
Not expensive to perform
Gives big picture of business opportunity
Limitations of SWOT analysis
Do not prioritize issues
Does not provide solutions or alternative decisions
