entrepreneurs Flashcards
name 7 characteristics of an entrepreneur
negotiation
communication
risk taking
innovation
determination
confidence
creativity
name 3 skills an entrepreneur needs to be successful
resilience
good communication skills
financial skills
name the 4 rewards of entrepreneurs
financial
independance
self satisfaction
making a difference
name the 4 drawbacks of entrepreneurs
financial
health
work life balance
personal relationships
what is a financial drawback?
going into debt
what is the purpose of market research
to find out people wants and needs
what is market research for
to reduce risk
to understand the market
what are some of the primary market research methods
observation
interviews
questionnaires
surveys
consumer trials
focus groups
what is secondary market research?
research that has already been done
name methods of secondary market research
internal data
books/newspapers/ magazines
competitors data
government publications and statistics
market reports/ purchased research material
name an advantage and disadvantage of internal data
advantage: better security
Disadvantage: generating insights from a small pool of data might not bring in favourable results
what is internal data?
generated and used within a company or organization
what is competitiors data?
any and all relevant information about your competition
what are focus groups?
a research technique used to collect data through group interaction
name 6 reason of the purpose of market research
to reduce risk
to aid decision making
to understand the market
to gain customers’ views and understand their needs/ wants
to inform product development
to understand how a good/ service complements others on the market
what are the advantages and disadvantages of competitors data?
advantage: understand the market better targeting customers market potential forecasting
disadvantage: overestimate the data you acquired about your competitors and give up without even trying
what are market reports/ purchased research material?
a document that reveals the characteristics of your ideal customers, their buying habits, the value your product or service can bring to them, and the list of your top competitors
what is market segmentation?
dividing a market into seperate customer groups
name the types of market segmentation
age
gender
lifestyle
occupation
income
location
name the benefits of market segmentation
increased sales
increased profits/ profitability
enable targeted marketing
increase in market share
increased customer retention
name problems/ challenges that would be encountered during market segmentation
customers needs/ wants are not met
decreased sales
increased cost and more money spent
bad decisions such as wrong price
decrease in profits/ profitability
loss of customers
risk of failure
what is quantitative data?
data that is based on facts, figures or statistics/ numbers
what is qualitative data?
data based on opinions/ responses
name the examples of quantitative data
internal data
books/ newspapers/ trade magazines
competitors’ data
government publications and statistics
mintel or similar
