Business GCSE Unit 1- Spotting a business opportunity 0.0 / 5 ? Business StudiesUnit 1GCSEAQA Created by: DonaJ2002Created on: 12-10-17 14:48 What are customer needs based on? Good Quality, product range, convenient location, good customer service and a fair price. 1 of 10 What is Quantitative Data? Data Statistically Analysed 2 of 10 What is Qualitative Data? Opinions and emotions 3 of 10 What is primary research? Field Research- surveys, questionnaires, focus groups- data non existed 4 of 10 What is secondary research? Desk research- internet, government stats- data already collected 5 of 10 What is Market research? Tells a business about customer needs and understand them more: new features, price, where they shop, gender, age, main competitors 6 of 10 What is Market mapping? You can compare products by positioning, find gap in the market, mainly to analyse customer buying habits. 7 of 10 What is market segmentation? Customers with similar characteristics and buying habits E.g. age 5-20, gender, income etc. 8 of 10 List ways to compete 1. Better Design 2.Wide Product Range 3. High Quality 4.Better Product Features 5. Differentiate 9 of 10 What is the benefit of analyzing customer's strengths and weaknesses? Improve your business and product differentiate 10 of 10
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