Selecting Business Opportunities Flashcards
1
Q
What is demography?
A
The study of a population in terms of age, sex, marital status, household type and place of birth.
2
Q
What is a target market?
A
A group of customers to which an organisation intends to aim its marketing efforts.
3
Q
What is capital?
A
Money or other assets used to fund the establishment of a business.
4
Q
What is market research used for?
A
It is essential to investigate various aspects of the business.
5
Q
Name ways to do market research
A
- talk/survey potential customers and competitors
- contact trade or professional organisation for advice
- obtain data from Aus bureau of stats (ABS)
- use AC Nielsen or Roy Morgan
6
Q
What is the purpose of AC Nielsen/ Roy Morgan??
A
- to study consumers in order for companies to learn more about their market
- to show public opinion through polls (Morgan Poll)
- to uncover and track trends within society
- to provide consumer information
7
Q
What is the audience of websites such as Nielsen and Roy Morgan?
A
- business owners/workers
- marketing organisations
- general public
- TV producers and networks
- anyone wanting to start a business
8
Q
How does location impact business opportunities?
A
- where are potential customers?
- retail area?
- online?
- location cost?
9
Q
What should be assessed about competition?
A
- what business is competing?
- what will attract customers over existing business?
- cheaper?
- superior quality?
- points of difference
10
Q
What does SWOT stand for?
A
Strengths
Weaknesses
Opportunities
Threats
