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Flashcards in Selecting Business Opportunities Deck (10)
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1
Q

What is demography?

A

The study of a population in terms of age, sex, marital status, household type and place of birth.

2
Q

What is a target market?

A

A group of customers to which an organisation intends to aim its marketing efforts.

3
Q

What is capital?

A

Money or other assets used to fund the establishment of a business.

4
Q

What is market research used for?

A

It is essential to investigate various aspects of the business.

5
Q

Name ways to do market research

A
  • talk/survey potential customers and competitors
  • contact trade or professional organisation for advice
  • obtain data from Aus bureau of stats (ABS)
  • use AC Nielsen or Roy Morgan
6
Q

What is the purpose of AC Nielsen/ Roy Morgan??

A
  • to study consumers in order for companies to learn more about their market
  • to show public opinion through polls (Morgan Poll)
  • to uncover and track trends within society
  • to provide consumer information
7
Q

What is the audience of websites such as Nielsen and Roy Morgan?

A
  • business owners/workers
  • marketing organisations
  • general public
  • TV producers and networks
  • anyone wanting to start a business
8
Q

How does location impact business opportunities?

A
  • where are potential customers?
  • retail area?
  • online?
  • location cost?
9
Q

What should be assessed about competition?

A
  • what business is competing?
  • what will attract customers over existing business?
  • cheaper?
  • superior quality?
  • points of difference
10
Q

What does SWOT stand for?

A

Strengths
Weaknesses
Opportunities
Threats