Business P1 Spotting a business ideas

Flashcards covering key concepts from business studies lecture notes.

Customer needs

Price

Quality

Choice

Convenience

Choice

Range of products means wider audience

Convenience

Save customers time and effort eg. location of store

Importance of identifying+understanding customers

generating sales(in order to survive)

business survival(must find customer needs/wants)

Purpose of market reserach

Identify and understand customer needs

Identify gaps in market

Reduce risk

Methods of market research

Primary-survey

secondary-internet