Why new business ideas come about ->
changes in technology
changes in what consumers want
products and services becoming obsolete.
How new business ideas come about ->
original ideas
adapting existing products/services
risks of business activity ->
business failure
financial loss
lack of security
rewards of business activity ->
business success
profit
independence
role of business enterprise/ purpose of business activity ->
produce goods or services
meet customer needs
add value
ways of adding value ->
convenience
branding
quality
design
USP
role of entrepreneur ->
organize resources
making business decisions
take risks
what are customer needs ->
price
quality
choice
convenience
importance of identifying and understanding customer needs ->
generating sales
business survival
purpose of market research ->
identify and understand customer needs
identify gaps in the market
reduce risk
, inform business decisions
methods of primary research ->
survey
questionnaire
focus group
observation
methods of secondary research ->
internet
market reports
government reports
types of data ->qualitative and quantitative
social media ->helps collect market research data e.g instagram polls
market segments ->
location
demographics
lifestyle
income
age
importance of the reliability of market research ->so business owner makes correct
decisions as reliable market research represents the people that the business is
interested in accurately so is more useful
market map helps identify ->a gap in the market
strengths and weaknesses of competitors based on ->
price
quality
location
product range
customer service
impact of competition on business decision making example ->having to lower prices
if competitor's prices are much higher
financial aims and objectives ->
survival
profit
sales
market share
financial security
non-financial aims and objectives ->
social objectives
personal satisfaction
changes in technology
changes in what consumers want
products and services becoming obsolete.
How new business ideas come about ->
original ideas
adapting existing products/services
risks of business activity ->
business failure
financial loss
lack of security
rewards of business activity ->
business success
profit
independence
role of business enterprise/ purpose of business activity ->
produce goods or services
meet customer needs
add value
ways of adding value ->
convenience
branding
quality
design
USP
role of entrepreneur ->
organize resources
making business decisions
take risks
what are customer needs ->
price
quality
choice
convenience
importance of identifying and understanding customer needs ->
generating sales
business survival
purpose of market research ->
identify and understand customer needs
identify gaps in the market
reduce risk
, inform business decisions
methods of primary research ->
survey
questionnaire
focus group
observation
methods of secondary research ->
internet
market reports
government reports
types of data ->qualitative and quantitative
social media ->helps collect market research data e.g instagram polls
market segments ->
location
demographics
lifestyle
income
age
importance of the reliability of market research ->so business owner makes correct
decisions as reliable market research represents the people that the business is
interested in accurately so is more useful
market map helps identify ->a gap in the market
strengths and weaknesses of competitors based on ->
price
quality
location
product range
customer service
impact of competition on business decision making example ->having to lower prices
if competitor's prices are much higher
financial aims and objectives ->
survival
profit
sales
market share
financial security
non-financial aims and objectives ->
social objectives
personal satisfaction
