Business Studies Flashcards

Flashcards based on lecture notes covering customer needs, market research, market segmentation, and SWOT analysis.

What are some common customer needs?

Price, quality, choice, and convenience.

What is a focus group?

A group interview to gather customer opinions about a product or service.

What is a questionnaire?

A set of questions to find out customer opinions, which can be online, in person, or through post.

What are the two types of questions used in a questionnaire?

Open-ended questions (detail) and closed-ended questions (yes/no).

Why is it important to identify customer needs?

To generate sales and ensure business survival.

What is field research?

Collecting new data (primary research).

What is validity in research?

How accurately a method measures what it's supposed to.

What is desk research?

Collecting existing data (secondary research).

What does 'biased' mean in the context of research?

Unbalanced/inclined to agree with a particular judgment/idea rather than presenting evidence fairly.

What is an interview in a business context?

A structured meeting to assess a candidate's skills, qualifications, experience, and suitability for a job role.

What is qualitative data?

Data expressed in words.

What is quantitative data?

Numerical data.

What is a customer?

Anyone who buys goods/services from a business.

What is market research?

The process of gathering information about the market & customer needs/wants to help business decisions.

What are the purposes of market research?

To identify gaps in the market and identify customer needs.

What is primary research?

New research a business does itself, collecting new data (also known as field research).

What are the advantages of primary research?

Specific, detailed information; a mixture of qualitative and quantitative data; relevant and up-to-date.

What are the disadvantages of primary research?

Time-consuming, expensive, and sometimes difficult to collect.

What is secondary research?

Involves gathering existing data that's already been produced.

What are the advantages of secondary research?

Quick and easy to gather, provides industry-specific information, and is usually easy to analyze.

What are the disadvantages of secondary research?

Not specific to the business, possibly out of date, and could be biased or inaccurate.

What are the advantages of using social media for market research?

Cheaper than other forms of research, saves time, and allows businesses to spot latest trends and monitor competition.

What is a market map?

A graph that makes it easy to see where gaps in the market exist.

What is a market segment?

Splitting a business's target market into separate groups.

What is a competitive market?

Where no single business/firm has a dominating position and customers have lots of choice.

What are some ways to segment a market?

Age, gender, location, income, culture/religion, and lifestyle.

What are the benefits of market segmentation?

Recognizes that consumers aren't all identical and makes it easier to develop products aimed at a specific segment.

What are the advantages of using a market map?

Allows businesses to spot opportunities & challenges and is useful for market research as it's clear and easy to interpret.

What are the disadvantages of a market map?

Too simplistic and can be time-consuming and costly.

What is product differentiation?

When businesses produce similar products to their competitors but have something that makes them stand out (USP).

What are some ways to differentiate a product?

Branding, convenience, quality, design, and price.

What are the limitations of market segmentation?

Not everyone in a segment behaves the same way and requires detailed market research, which is costly and time-consuming.

What does SWOT analysis stand for?

Strengths, Weaknesses, Opportunities, and Threats.

What is SWOT analysis used for?

Helps in decision-making to see where you can improve.