entrepreneurs

Question 1

name 7 characteristics of an entrepreneur

Answer 1

negotiation
communication
risk taking
innovation
determination
confidence
creativity

Question 2

name 3 skills an entrepreneur needs to be successful

Answer 2

resilience
good communication skills
financial skills

Question 3

name the 4 rewards of entrepreneurs

Answer 3

financial
independance
self satisfaction
making a difference

Question 4

name the 4 drawbacks of entrepreneurs

Answer 4

financial
health
work life balance
personal relationships

Question 5

what is a financial drawback?

Answer 5

going into debt

Question 6

what is the purpose of market research

Answer 6

to find out people wants and needs

Question 7

what is market research for

Answer 7

to reduce risk
to understand the market

Question 8

what are some of the primary market research methods

Answer 8

observation
interviews
questionnaires
surveys
consumer trials
focus groups

Question 9

what is secondary market research?

Answer 9

research that has already been done

Question 10

name methods of secondary market research

Answer 10

internal data
books/newspapers/ magazines
competitors data
government publications and statistics
market reports/ purchased research material

Question 11

name an advantage and disadvantage of internal data

Answer 11

advantage: better security

Disadvantage: generating insights from a small pool of data might not bring in favourable results

Question 12

what is internal data?

Answer 12

generated and used within a company or organization

Question 13

what is competitiors data?

Answer 13

any and all relevant information about your competition

Question 14

what are focus groups?

Answer 14

a research technique used to collect data through group interaction

Question 15

name 6 reason of the purpose of market research

Answer 15

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

Question 16

what are the advantages and disadvantages of competitors data?

Answer 16

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

Question 17

what are market reports/ purchased research material?

Answer 17

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

Question 18

what is market segmentation?

Answer 18

dividing a market into seperate customer groups

Question 19

name the types of market segmentation

Answer 19

age
gender
lifestyle
occupation
income
location

Question 20

name the benefits of market segmentation

Answer 20

increased sales
increased profits/ profitability
enable targeted marketing
increase in market share
increased customer retention

Question 21

name problems/ challenges that would be encountered during market segmentation

Answer 21

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

Question 22

what is quantitative data?

Answer 22

data that is based on facts, figures or statistics/ numbers

Question 23

what is qualitative data?

Answer 23

data based on opinions/ responses

Question 24

name the examples of quantitative data

Answer 24

internal data
books/ newspapers/ trade magazines
competitors’ data
government publications and statistics
mintel or similar

Question 25

name the examples of qualitative data

Answer 25

interviews
focus groups
questionnaires
observations
consumer trails
test marketing/ pilots
surveys