Spotting a business opportunity Flashcards
1
Q
What is the purpose for market research?
A
- Identify gaps in the market
- Understand and identify competitors
- Understand trends in the market
- understand customer needs
2
Q
What is primary research?
A
It is collecting data that didn’t exist before?
3
Q
Examples of primary research
A
- Focus groups
- surveys
- questionnaires
4
Q
Benefits of primary research
A
- More accurate
- specific to needs of business
- up to date
5
Q
What is secondary research?
A
process of gathering data that already exists
6
Q
Examples of secondary research
A
- Internet
- market reports
- government reports
7
Q
Benefits of secondary research
A
- more general
- less time-consuming
- good for collecting quantitative data
8
Q
What is qualitative data?
A
Info about peoples opinions
9
Q
What is quantitative data?
A
Data that can be expressed by numbers
10
Q
Why is reliability so important when collecting market data?
A
To make good business decisions and to get accurate and relevant answers.
11
Q
How can we segment the market?
A
- income
- lifestyle
- age
- job
- gender
12
Q
Benefits of market segmentation
A
- matching customer needs
- better opportunities for growth
- Gain a higher share of the market
- More effective promotion
13
Q
Limits to market segmentation
A
- Lack of info and data
- hard to monitor consumer behaviour
14
Q
ways we can market map
A
- high price v low price
- young v old
- basic quality v high quality
