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Business > 1.2: Spotting a business opportunity > Flashcards

1.2: Spotting a business opportunity Flashcards

1
Q

What are the four main customer needs

A
  • Choice
  • Quality
  • Convenience
  • Price
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2
Q

Why is market research necessary

A
  • Identifying/understanding customer needs
  • Identifying market gaps
  • Identifying competitors
  • Understanding market trends
  • Reducing risk
  • Checking business success
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3
Q

Whar are some examples of primary research

A
  • Surveys
  • Focus groups
  • Observations
  • Experiments
  • Questionnaires
  • Social media
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4
Q

What are the pros of primary research

A
  • Accurate
  • Up to date
  • Specific to business
  • Good for qualitative data
  • Direct customer contact
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5
Q

What are some examples of secondary research

A
  • Sales data
  • Websites
  • Local newspapers
  • Government reports
  • Market reports
  • Telephone directories
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6
Q

What are the pros of secondary research

A
  • More general
  • Less time-consuming
  • Good for quantitative data
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7
Q

What is another name for primary research

A

Field research

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8
Q

What is another name for secondary research

A

Desk research

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9
Q

What is market segmentation

A

Grouping buyers with similar characteristics/buying habits

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10
Q

Give some examples of potential market segments

A
  • Age
  • Demographics
  • Lifestyle
  • Location
  • Income
  • Gender
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11
Q

What are some benefits of segmentation

A
  • Can meet specific customer needs
  • Product differentiation
  • Targeted marketing
  • Developing a brand image
  • Building close customer relationships
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12
Q

What are some limitations of market segmentation

A
  • Targeting can be costly
  • Focus on one segment can cause missed opportunities
  • Characteristics can change
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13
Q

What are some benefits of market mapping

A
  • Can identify gaps in the market
  • Can identify competitors
  • Helps with market segmentation
  • Useful to make choices about marketing/brand
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14
Q

What are some limitations of market maps

A
  • Based on opinions and perceptions
  • Only compares based on two variables
  • Hard to identify most useful variables
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15
Q

In what ways do businesses compete

A
  • Product range
  • Customer service
  • Brand image
  • Location/convenience
  • Quality
  • Design
  • Prices
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16
Q

What is product differentiation

A

Making a product different to those of competitors

17
Q

What are some drawbacks of highly competitive markets

A
  • lower prices to compete-> less profit
  • lower profit margins
  • cutting back on expenditure
  • more risky
  • requires close analysis of competitors

Business (11 decks)

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