What type of research does an Entrepreneur need to do before starting a business?
Market Research
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What is the difference between a Niche Market and a Mass Market?
A Niche market is a smaller part of a large market where customers have quite specific needs and wants, where as a Mass Market just produces goods for the Mass'
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Why should start-ups and small businesses aim for a Niche market?
because surviving in high volume or mass-market segments is almost impossible
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What is the difference between Primary and Secondary Data?
Primary data is data that is collected first-hand for a specific purpose by the entrepreneur, where as secondary data is data that already exsists and which has been collected for different purposes
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Which is easier to obtain, Primary data or Secondary data
Secondary data
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Name a good example of secondary data
Google, Trade associations, Goverment departments, Trade Press & Magazines, Competitor websites, Market research reports, the internet
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Name One Disadvantage about secondary data
Not always useful, created for a different purpose, may be out-of-date, might be biased.
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Name one Advantage about secondary data
The information is redily available, it's generally cheaper to obtain, Gives an excellent overview of a target market.
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Name a good example of primary data
Observation, Postal Surveys, Telephone interviews, Online Surveys, Face-to-Face Surveys, Focus Groups, Test Marketing
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Name One Disadvantage of Primary data
Expensive
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Name One advantage of Primary data
It's specifically for your product
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Other cards in this set
Card 2
Front
What is the difference between a Niche Market and a Mass Market?
Back
A Niche market is a smaller part of a large market where customers have quite specific needs and wants, where as a Mass Market just produces goods for the Mass'
Card 3
Front
Why should start-ups and small businesses aim for a Niche market?
Back
Card 4
Front
What is the difference between Primary and Secondary Data?
Back
Card 5
Front
Which is easier to obtain, Primary data or Secondary data
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