Business 1.2: Spotting a Business Opportunity Flashcards
(8 cards)
What are the 4 customer needs?
Price, quality, choice, convenience
Why is it important to identify and understand customers?
Find target audience and generate sales
What are the purposes of market research?
-To identify and understand customer needs
-To identify gaps in the market
-To reduce risk
-To inform business decisions
What are the methods of primary research?
Surveys, questionnaires, focus groups, observation
What are the methods of secondary research?
The internet, market reports, government reports
How may businesses segment the market?
Location, demographics, lifestyle, income, age
Why do businesses use market mapping?
To identify a gap in the market and the competition
What can you base strengths and weaknesses of competitors on?
Price, quality, location, product range and customer service
