Lecture Notes Flashcards

Flashcards about market research, types of data, and other business-related concepts

The purpose of market research is to __.

Gathers and analyzes market information to understand customers' needs and preferences.

Market research aids in __.

Identifying market opportunities and reducing the risk of business failure.

Primary market research methods include __.

Surveys, interviews, focus groups, and observational research.

A disadvantage of primary market research is __.

It can be time-consuming and expensive.

Primary research is a method where __.

New, original data is collected by the researcher to answer a specific question.

Secondary research involves __.

Analyzing existing research data rather than collecting new data.

Secondary research offers __.

Quick cost-effective access to information.

A disadvantage of secondary research is __.

It may not be specific to the exact project needs and could be outdated or biased.

Qualitative data offers __.

Offers rich, in-depth understanding but can be challenging to analyze.

Qualitative data is __.

Non-numerical information.

In-depth understanding and __ are advantages of qualitative data.

Flexibility.

Quantitative data is __.

Data using numbers.

Quantitative data offers __.

Objectivity, reliability, and the ability to generalize to larger populations.

Business ideas come about due to __.

Changes in technology, evolving consumer preferences, or obsolescence of existing products.

Business ideas primarily originate from __.

Original ideas or by adopting existing services or ideas.

Risks can be detrimental because __.

They can affect profitability, operations, reputation, and even survival.

Rewards can __.

Motivate employees, attract talent, and foster a positive work environment.

Customer needs refer to __.

The fundamental requirements that customers have when purchasing goods or services, such as price, quality, choice, and convenience.

Value is __.

The difference between the selling price of a product or service and the cost of inputs.

Ways to add value are __.

Convenience, branding, quality, design, and a unique selling point (USP).

The primary role of an entrepreneur is __.

Initiating and leading business activities, organizing resources, making strategic decisions, taking calculated risks, and driving economic growth.

Financial goals that a business sets for itself include __.

Survivals, profit maximization, sales growth, market share, financial security, cost reduction, and return on investment.

Non-financial aims or objectives include __.

Customer satisfaction, employee satisfaction, brand reputation, and innovation.

Customer wants reflect __.

The motivations and desires that drive a customer to purchase a product or service.

It's important to identify and understand customer needs because it enables businesses to __.

Tailor their products, services, and marketing efforts to meet specific needs, ultimately leading to increased sales, customer loyalty, and a competitive edge.