Paper 1 - Spotting A Business Opportunity Flashcards
CHOICE
Giving customers options and increasing the chance that the product will be perfect for the tastes for one type of customer
CONVENIENCE
Making life easier for customers perhaps by a great location or a product that saves time in preparation.
QUALITY
To a customer it means getting what they want, or perhaps better than expected. Sometimes called customer delight.
IDENTIFYING CUSTOMERS
Finding out who they are, age, gender, incomes, location, what they want etc.
FOCUS GROUP
A group discussion among people selected from the target market.
MARKET SEGMENTS
The subsets within a market that have been identified as a result of market segmentation.
LIFESTYLE
Grouping people by common characteristics
THE COMPETITION
Companies that operate in your market
GAP IN THE MARKET
An area in the market where few or no existing brands operate, implying a market opportunity.
MARKET MAP
Measuring where existing brands sit on a 2 factor grid. For example, young/old compared to high price/low price
COMPETITIVE MARKET
The strength of competition between companies in the same market
INNOVATIVE
A new perhaps original product or process
UNETHICAL
An action or decision that is wrong from a moral standpoint
