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Business

Spec 1.2 (Spotting a Business Opportunity)

QuestionAnswer
What are the 4 main customer needs? 1. Price 2. Quality 3. Choice 4. Convenience
Why is it important for a business to price its product/service correctly? It can price its products competitively and offer promotions that appeal to its target market
Why is it important for a business to get the right quality for its product/service? The product/service will meet the desired standards, leading to customer loyalty and positive word-of-mouth advertising
What are the 2 reasons why it is important to identify and understand customers? 1. Generating sales 2. Business survival
What are the two categories of market research? Primary and secondary research
What are the 5 main methods of primary research? 1. Surveys 2. Observation 3. Interviews 4. Focus groups 5. Test marketing
What are 2 typical methods of conducting secondary market research? 1. Using the Internet 2. Purchasing market reports
What is qualitative data? Descriptions or explanations based on discussions and feelings
What is quantitative date? Data based on numbers (e.g. financial reports)
What are 3 limitations of qualitative data? 1. May need to hire a specialist market research agency 2. Responses may be influenced by others in the group 3. People may have bias, as researcher can guide respondents to answer a certain way
What are 3 limitations of quantitative data? 1. Can be expensive to purchase market specific secondary data 2. Data provides no reasoning 3. Numerical data may be out of date
What are 2 benefits of using social media to collect market research data? 1. Speed of communication is very quick 2. Very cheap
What are the 4 reasons businesses conduct market research? 1. Identify and understand customer needs 2. Identify gaps in the market 3. Reduce risk 4. Inform business decisions
What are the 5 main segments of market segmentation? 1. Location 2. Demographics 3. Lifestyle 4. Income 5. Age
What are 2 advantages of market segmentation? 1. Less expensive than marketing products at wide market segments 2. May increase loyalty if the consumer feels that their needs are being met
What are 2 disadvantages of market segmentation? 1. Not everyone within a segment will behave in the same way 2. May be difficult to identify a segment and consumers can belong to multiple segments
What is the market called when there are no opportunities to exploit a market niche in the market Saturated market
If a business enters a saturated market, what will likely happen? Competition will be high and profits low
Name a popular method that helps a business identify gaps within a market Market mapping
Name 2 benefits of market mapping 1. Market gaps can be identified 2. Comparisons can be made between a business’s products and those of its rivals
Name 2 drawbacks of market mapping 1. A gap in the market may exist because it is not profitable to fill 2. Mapping a market may require primary research which can be expensive
What might be 2 benefits to the consumer of competition within a market? 1. Businesses offer lower prices 2. Businesses produce better quality products
What is indirect competition? Indirect competition occurs when firms sell different products but compete with each other for the customers disposable income
What is direct competition? When the business is targeting customers with exactly the same product as a competitor
What 5 factors could be a competitors strength/weakness? 1. Price 2. Quality 3. Location 4. Product range 5. Customer service
In what 4 areas does competition impact a business? 1. Pricing 2. Product development 3. Marketing 4. Operations
Created by: JoeMather
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