Spotting a business opportunity

Question 1

what are customer needs?

Answer 1

the specific wants or needs to buyers have when purchasing a product

Question 2

5 customer needs:

Answer 2

price, quality, choice, convenience, service.

Question 3

what is market research?

Answer 3

this is the process of collecting information about what consumers want.

Question 4

what is primary research?

Answer 4

this is collecting new information that meets the specific needs of a business.

Question 5

what secondary research?

Answer 5

secondary research involves using data that already exists, or data that has already been gathered by someone else.

Question 6

what is quantitative data?

Answer 6

numerical data and can be measured easily.

Question 7

what is qualitative data?

Answer 7

opinions, judgements, feelings and can not be any sort of numerical data.

Question 8

what is market segmentation?

Answer 8

this involves breaking down a market into smaller groups to see who has similar characteristics.

Question 9

5 ways the market can be segmented?

Answer 9

location, demographics, lifestyle, income, age.

Question 10

5 ways businesses compete?

Answer 10

price, quality, location, product range, customer service