BusinessStudies UnderstandingCustomerNeeds FlashCards,

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What type of research does an Entrepreneur need to do before starting a business?
Market Research
1 of 11
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'
2 of 11
Why should start-ups and small businesses aim for a Niche market?
because surviving in high volume or mass-market segments is almost impossible
3 of 11
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
4 of 11
Which is easier to obtain, Primary data or Secondary data
Secondary data
5 of 11
Name a good example of secondary data
Google, Trade associations, Goverment departments, Trade Press & Magazines, Competitor websites, Market research reports, the internet
6 of 11
Name One Disadvantage about secondary data
Not always useful, created for a different purpose, may be out-of-date, might be biased.
7 of 11
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.
8 of 11
Name a good example of primary data
Observation, Postal Surveys, Telephone interviews, Online Surveys, Face-to-Face Surveys, Focus Groups, Test Marketing
9 of 11
Name One Disadvantage of Primary data
Expensive
10 of 11
Name One advantage of Primary data
It's specifically for your product
11 of 11

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

Preview of the front of card 3

Card 4

Front

What is the difference between Primary and Secondary Data?

Back

Preview of the front of card 4

Card 5

Front

Which is easier to obtain, Primary data or Secondary data

Back

Preview of the front of card 5
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