Topic 1.2 Spotting a business opportunity Flashcards
Choice
Giving customers choice and increasing the chance that the product will be perfect for a certain type of customer
Convenience
Making life easier for a customer by location or saving time on product preparation
Quality
A customer getting what they want or more than they expected (customer delight)
Identifying customers
Finding out who they are (age, gender, what they want, income, where they live)
Understanding customers
Learning why a customer does what they do to make sure the product is well suited
Focus group
A group of customers selected from the target market to provide insights on customer attitudes
Primary research
Research carried out first hand, tailored to a compamies specific questions
Quantative data
Factual research conducted on a large group to provide statistical evidence
Secondary research
When a company uses general data that has already been carried out for genreal purposes
Qualitative data
In depth research into the opinions and views of a small group of customers
Demographics
The study of statistical differences that exist within a population now and in the future
Lifestyle
Grouping people by how they live such as participation in leisure activities, their environment, taste or passion
Location
The extent to which the customers identify the area they live in, were born in or were raised in
Market segments
The segments in a market that have been identified as part of market segmentation
Competition
Compamies operating in the same market or market sector
