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Business theme 1.2 spotting a business opportunity
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1.2 Quantitative-Numbers What is the purpose of market research? - Identify customer needs - Identify gaps in the market - Reduce nsk - Inform business decisions Qualitative Opinions 7 Market Spotting Lifestyle Price mapping Low price x Customer needs) convenience Quality X Market segment = A group of buyers with similar characteristics Income Location Market segments Demographics Age X, choice X LOW quality Primary •Survey Methods of market research: Secondary • Interne! •Market reports • Goverment reports S: A More accurate + specific Up to date Questionnaire •focus group Observation Time consuming costly By understanding the customer needs you - Generate sales can: - Ensure business sunival can identify gaps in the market and identifies competition High quality -Gap in the market for some thing High high quality and high price decision A business has to make careful making when competing with competitors Lowwer A business needs to analyse the strengths and weeknesses of competitors A Less time-consuming A cheaper More vague wider product range Better Higher design quality Better custome Service Ways to compete. prices stronger brand image More convenient location
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Business theme 1.2 spotting a business opportunity
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Main notes of theme 1.2
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Business theme 1.2 spotting a business opportunity
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Main notes of theme 1.2
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1.2 Quantitative-Numbers What is the purpose of market research? - Identify customer needs - Identify gaps in the market - Reduce nsk - Inform business decisions Qualitative Opinions 7 Market Spotting Lifestyle Price mapping Low price x Customer needs) convenience Quality X Market segment = A group of buyers with similar characteristics Income Location Market segments Demographics Age X, choice X LOW quality Primary •Survey Methods of market research: Secondary • Interne! •Market reports • Goverment reports S: A More accurate + specific Up to date Questionnaire •focus group Observation Time consuming costly By understanding the customer needs you - Generate sales can: - Ensure business sunival can identify gaps in the market and identifies competition High quality -Gap in the market for some thing High high quality and high price decision A business has to make careful making when competing with competitors Lowwer A business needs to analyse the strengths and weeknesses of competitors A Less time-consuming A cheaper More vague wider product range Better Higher design quality Better custome Service Ways to compete. prices stronger brand image More convenient location
1.2 Quantitative-Numbers What is the purpose of market research? - Identify customer needs - Identify gaps in the market - Reduce nsk - Inform business decisions Qualitative Opinions 7 Market Spotting Lifestyle Price mapping Low price x Customer needs) convenience Quality X Market segment = A group of buyers with similar characteristics Income Location Market segments Demographics Age X, choice X LOW quality Primary •Survey Methods of market research: Secondary • Interne! •Market reports • Goverment reports S: A More accurate + specific Up to date Questionnaire •focus group Observation Time consuming costly By understanding the customer needs you - Generate sales can: - Ensure business sunival can identify gaps in the market and identifies competition High quality -Gap in the market for some thing High high quality and high price decision A business has to make careful making when competing with competitors Lowwer A business needs to analyse the strengths and weeknesses of competitors A Less time-consuming A cheaper More vague wider product range Better Higher design quality Better custome Service Ways to compete. prices stronger brand image More convenient location
Can't find what you're looking for? Explore other subjects.
Knowunity is the # 1 ranked education app in five European countries
Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.
Still not sure? Look at what your fellow peers are saying...
iOS User
I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D
Stefan S, iOS User
The application is very simple and well designed. So far I have found what I was looking for :D
SuSSan, iOS User