Market Research - Chapter 16.1

Question 1

What is an entrepreneur?

Answer 1

Entrepreneur is the person who takes the initiative and risk to set up a business with the hope of making a profit. E.g. Richard Branson

Question 2

Explain 3 ways an entrepreneur comes up with ideas.

Answer 2

Competitors: this involves copying a product that already exists. Be careful of copyright and patents.
Import Substitution: a product that is currently imported is now made in Ireland.
Market Research is the gathering, recording and analysis of information about consumer opinion to help the business make informed decisions.

Question 3

List 3 benefits of Market Research.

Answer 3

1. Information about customers’ needs and wants.
2. Information about their competition.
3. The best price to charge their customers.

Question 4

List 3 uses of market research.

Answer 4

1. To explain the causes of changes in the market.
2. To investigate new market possibilities.
3. To identify gaps in the market.