1.2 Spotting a business opportunity

Market Research

The process of gathering information about consumers' needs and preferences.

Primary Data

Data collected first-hand for a specific purpose by the business.

Secondary Data

Research data that already exists and was collected for a different purpose.

Qualitative Research

Research based on opinions, attitudes, and beliefs that seeks to understand customer behavior.

Quantitative Research

Research based on statistical data that addresses questions like 'how many?' and 'how often?'

Market Segmentation

The process of dividing a larger market into smaller segments based on shared characteristics.

Customer Needs

The specific requirements and expectations customers have for price, quality, choice, and convenience.

Market Mapping

A visual representation of the various positions of products in a market according to certain criteria, used to identify gaps.

Competitive Environment

The landscape of competition within a market that influences business decisions and strategies.

Segmentation Benefits

Advantages of dividing a market into segments, such as better matching of customer needs and more effective promotion.

Spotting a Business Opportunity

The process of identifying a gap in the market or a need that can be fulfilled by a new product or service.

Gap Analysis

A method used to assess the current performance of a business versus its desired performance to spot opportunities for improvement.

Innovation

The process of creating new ideas, products, or services that meet market needs and can lead to new business opportunities.

Value Proposition

The unique value a product or service provides to customers that makes it different from competitors.

Entrepreneurial Mindset

A way of thinking that enables individuals to identify and pursue business opportunities creatively.

SWOT Analysis

A strategic planning tool that helps identify Strengths, Weaknesses, Opportunities, and Threats related to business ventures.

Market Trends

Patterns and tendencies within the market that can indicate emerging business opportunities.

Consumer Behavior

The study of how individual customers make decisions to spend their resources on consumption-related items.

Business Model Canvas

A strategic management tool that provides a visual framework for developing, visualizing, and assessing business models.

Networking

Building relationships with other professionals to discover new business opportunities and gain insights.

Feasibility Study

An assessment of the practicality and potential success of a proposed business opportunity.