Topic 1.2- Spotting A Business Oppurtunity Flashcards
what are the four customer needs? -x
- price
- quality
- choice
- convenience
Give 3 reasons why it is important to identify customer needs?- x
- to generate sales
- business survival
- customer loyalty
what is the purpose of market research ? ( 3)
- to identify and understand customer needs
- to identify gaps in the market
- to reduce risk
- to inform business decisions
what is primary research?
research you conduct yourself
what is secondary research?
research that has already been conducted
give 3 examples of primary research
- surveys
- focus groups
- observation
give 3 examples of secondary research
- internet
- government reports
- market reports
Give 3 advantages of primary market research
- specific to the business
- relevant and up to date
- contains detailed information
Give 3 disadvantages of primary market research
- expensive
- difficult to collect
- time-consuming
what are the advantages of secondary market research
- quick and easy to gather
- provides industry-specific info
- often easy to analyse
Give 3 disadvantages of secondary market research
- not specific
- may be biased
- out of date
what is quantitative data
- data is based on numbers and statistics
what is qualitative data?
- data is based on opinions and judgements
what is market segmentation?
- the process of splitting a business’ target market into different groups
Name 4 different market segments
- location
- lifestyle
- income
- age
- gender
what is market mapping?
the process of using a graph to plot competitors and their products
Give 2 uses for market mapping
- to understand competitor behaviour
- to identify a gap in the market
Give an advantage and 3 disadvantages of qualitative data
adv: - in-depth data given disv : - slower to gather - difficult to analyse data - harder to make business decisions from
Give 3 advantages and disadvantages of quantitative data
adv: - easier and quicker to gather - examine larger samples - easier to make decisions disv: - narrow/closed questions - does not allow in-depth data to be given
