Spotting A Business Opportunity Flashcards
What is primary research?
Research a business undertakes themselves.
What are 3 disadvantages to secondary research?
- Not specific to business.
- Can be out of date information.
- Can be biased or unreliable.
Name the 5 market segments.
- Location.
- Demographics.
- Lifestyle.
- Income.
- Age.
What is qualitative data?
Data that is descriptive from customers opinions, usually gathered from open questions. Cannot put into a graph or chart.
Name 4 methods of primary research.
- Surveys.
- Questionnaires.
- Focus group.
- Observations.
What is secondary research?
Gathering existing data that’s already produced by other competitors, government etc.
What are the 3 benefits for using social media as a method of market research?
- Cheap.
- Time effective.
- Allows to spot latest trends and tastes.
What are the benefits of primary research?
- Specific to business.
- Provides detailed information.
- Relevant and up to date.
- Can gather both both qualitative and quantitative data.
What is market mapping?
The process of using a graph to plot competitors and their products to understand competitors behavior and spot gaps in the market.
What is measured In market mapping?
Price and quality.
What are 3 benefits of good reliability of market research?
- Better / proper informed decision making.
- Reduces risk.
- Less money wasted.
What are the 3 advantages to secondary research?
- Quick and easy to gather.
- Easy to analyse.
- Provides industry specific information.
Name 3 methods of secondary research.
- Internet research.
- Market reports.
- Government reports.
What are the 3 disadvantages of primary research?
- Time consuming.
- Expensive.
- Difficult to gather data.
What is market research for?
To help a business gather information about a certain market to help spot gaps in the market and help make informed decisions.
