Topic 1.1 - Spotting a business opportunity

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Mind Map on Topic 1.1 - Spotting a business opportunity, created by 260699aw on 05/20/2014.

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Created by 260699aw over 5 years ago
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Topic 1.1 - Spotting a business opportunity
1 Understanding customer needs
1.1 Customer needs - the wants amd desires of buyers of a product or the customers of a business
1.2 Market research - the process of gaining information about customers, competitors and market trends through collecting primary and secondary data
1.3 Primary (or field) research - the gathering of new information, called primary data which has not beenn collected before
1.4 Survery - research involving asking questions of people or organisations
1.5 Respondents - those who provide data for a survey usually by answering questions in a questionnaire or interview
1.6 Questionnaire - a list of questions to be answered by respondents, designed to gather information about consumers' tastes
1.7 Focus group - in market research, a group of people brought together to together to answer questions and discuss a product, brand or issue
1.8 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
1.9 Qualitative data - information about opinions, judgements and attitudes
1.10 Quantitative data - data that can be expressed as numbers and can be statistically analysed
2 Market mapping
2.1 Market segment - part of a market that contains a group of buyers with similar buying habits, such as age or income
2.2 Price sensitive - when the price is very important in the decision about whether or not to buy
2.3 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
2.4 Gap in the market - occurs when no buiness is currently serving the needs of customers for a particular product
3 Added value
3.1 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
3.2 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
4 Businesses
4.1 Supplier - a business which sells (or supplies) products to another business
4.2 Customer - any person or organisation which buys or is supplied with a product by a business
4.3 Consumer - the person who ulmately uses (or cosumes) a product
4.4 Markets - where buyers and sellers need to exchange goods and services
5 Competition
5.1 Product range - a group of similar products made by a business, like a number of different soap powders
5.2 Brand - a named product which customers see as being different from other products and which they can addociate or identify with
5.3 Brand image - the idea/impression/image that customers have in their minds about the brand

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