spotting a business opportunity Flashcards
what does market research help identify
customer needs, gaps in the market
how does market research reduce risk
tells us what customers want, what needs aren’t currently being met, how much competition there will be, what target market the business should aim at, how much the business should charge for its product or service
what are types of primary research
surveys, questionnaires, focus group, observations
what are advantages to primary research
specific to the business, provides detailed information, up to date, quantitative and qualitative
what are disadvantages of primary research
time consuming, expensive, sometimes difficult to collect
what are types of secondary research
internet, market reports, government reports
what are advantages of secondary research
quick, easy to gather, provides industry-specific information, easy to analyse
what are disadvantages of secondary research
not specific to business, could be out of date, biased/inaccurate
what is qualitative data
detailed information that cannot be expressed in a graph or chart like opinions or open ended questions, however it can be time consuming, biased and costly
what is quantitative data
numerical, usually expressed in graphs/charts, simple and quick to analyse, doesn’t show opinions
advantages of using social media as market research
cheap, saves time, latest trends/tastes
how is the market segmented
demographics, location, behaviour, lifestyle, income
what is disposable income
Money available for spending and saving once taxes have been deducted.
which elements affect market mapping
quality and price
