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Topic 1.1 - Spotting a
business opportunity
- Understanding customer needs
- Customer needs - the wants
amd desires of buyers of a
product or the customers of a
business
- Market research - the process of gaining information
about customers, competitors and market trends
through collecting primary and secondary data
- Primary (or field) research - the
gathering of new information, called
primary data which has not beenn
collected before
- Survery - research involving asking
questions of people or organisations
- Respondents - those who provide
data for a survey usually by answering
questions in a questionnaire or
interview
- Questionnaire - a list of questions to be answered
by respondents, designed to gather information
about consumers' tastes
- Focus group - in market research, a group of people
brought together to together to answer questions and
discuss a product, brand or issue
- Secondary (or desk) research - the process of gathering
secondary data, which is information that has already been
gathered such as sales records, government statistics,
newspaper articles or reports from market research groups
- Qualitative data - information about
opinions, judgements and attitudes
- Quantitative data - data that can be expressed as
numbers and can be statistically analysed
- Customer needs - the wants
amd desires of buyers of a
product or the customers of a
business
- Market mapping
- Market segment - part of a market that contains a
group of buyers with similar buying habits, such as
age or income
- Price sensitive - when the price is very important in the
decision about whether or not to buy
- Market map - a diagram that shows the range of possible positions
for two features of a product, such as low to high price and lot to
high quality
- Gap in the market - occurs when no buiness is currently
serving the needs of customers for a particular product
- Market segment - part of a market that contains a
group of buyers with similar buying habits, such as
age or income
- Added value
- Added value - the increased worth that a business creates for a
product; it is the difference between what a business pays its
suppliers and the price that it is able to charge for the
product/service
- Unique selling point (USP) - a characteristic of a product
that makes it different from other similar products being
sold in the market such as design, quality or image
- Added value - the increased worth that a business creates for a
product; it is the difference between what a business pays its
suppliers and the price that it is able to charge for the
product/service
- Businesses
- Supplier - a business which
sells (or supplies) products to
another business
- Customer - any person or organisation
which buys or is supplied with a product
by a business
- Consumer - the person
who ulmately uses (or
cosumes) a product
- Markets - where buyers and
sellers need to exchange goods
and services
- Supplier - a business which
sells (or supplies) products to
another business
- Competition
- Product range - a group of similar products made by a
business, like a number of different soap powders
- Brand - a named product which
customers see as being different from
other products and which they can
addociate or identify with
- Brand image - the idea/impression/image that
customers have in their minds about the brand
- Product range - a group of similar products made by a
business, like a number of different soap powders
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