Topic 1.2 - Spotting a business opportunity Flashcards
1
Q
four customer needs
A
price
quality
choice
convenience
2
Q
2 benefits of meeting customer needs
A
helps a business generate more sales
helps business survival
3
Q
what is purpose of market research
A
- to identify and understand customer needs
- to identify gapes in the market
- to reduce risks
- to inform business decisions
4
Q
4 methods of primary research
A
survey, questionnaire, focus groups, observation
5
Q
3 methods of secondary research
A
internet, market reports, government reports
6
Q
role of social media
A
- deepens understanding of market
- identifies popular trends
- improves their products and marketing
- saves times conducting reasearch
7
Q
5 main market segments
A
location
demographics
lifestyle
income
age
8
Q
SWOT analysis
A
tool used by businesses to identify their internal strengths and weaknesses and external opportunity and threats
9
Q
5 key competitor strengths and weaknesses
A
price
quality
location
product range
customer service
10
Q
impact of competition on decision making
A
- affects price,
- forces businesses to
- reduce costs forces businesses to innovate
