Understanding Customer Needs Flashcards
What rises an opportunity in the market?
What people want and what they already get
Why does a microbusiness have an advantage with dealing with customers than a large business?
Microbusiness deals with the customer directly and is able to get verble feed back
What does a large business do to get people’s feed back?
Questionnaires so that they can understand what people want and where they are failing on services
What is market research?
Collecting data on what people want and where there is gaps in the market
What are the 3 ways to start up a new business?
Do something really new
Do something that already exists but better
Do something that already exists but cheaper
What is secondary research?
Desk research; research that has already been carried out or published
What is primary research?
When a firm carries out First-hand research by field work, e.g. Questionnaires,
What are the types of people you may want to interview for primary research?
Existing customers
Potential customers
Potential retailers
What are some of the problems with primary research?
Time consuming and expensive to collect the data
What is qualitative research?
In-depth research using depth interviews, used to find out customers behaviour and attitudes
What is quantitative research?
Research involving large quantities of data, which allows statistical analysis of the results
What are the two forms that primary research can be collected in?
Qualitative research
Quantitive research
