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16 Jan

Spotting a business opportunity | Good Grade Guarantee!

You need to read the the clinic business and write the SWOT and PESTEL analysis of the clinic business.
Spotting a business opportunity
What is a business? A business is any organisation that makes goads and services Why do businesses exist? Businesses exist to produce goods or services.
What are customer needs? Customer needs are the wants and desires of buyers.
How do businesses meet customer needs? Businesses make products people buy to meet needs. Eg a sandwich shop helps hungry workers who need a snack
Define business start-up. A business start-up is a new firm selling products for the first time. What is a market? A market is any place where buyers and sellers meet to trade products What is a business opportunity? The chance to set up a new firm or launch a new product What is a business idea? A business idea is a plan to create products that meet customer needs How are business ideas identified? By recognising customer needs and potential competitors
What is an entrepreneur? An entrepreneur is a risk taking individual who organises and manages a business activity eg an individual who organises a rock concert
Why set up a business? Motives include the challenge; the chance to be your own boss and the opportunity to make a profit and to make a difference.
How are customer needs central to starting a business? Successful businesses make products customers need and want to buy at the selling price.
How can a new business succeed? Successful start-up firms launch new, better or cheaper products than rivals – at a price that more than covers costs and is attractive to customers.
What is market research? Market research is the process of finding information about potential customers, markets and products.
State the two main methods used in market research. Primly (field) research gathers new information for the first time eg by doing a survey. Secondary (desk) research collects data from existing information already published eg government statistics, or past sales records
List methods used to collect primary data. Entrepreneurs can collect new information using
– Surveys eg street interviews or sending questionnaires in the mail
– Focus group: a small meeting of customers discuss a product, guided by a researcher
– Observation of consumers’ eg how they shop in a supermarket
– Experiment eg test marketing a new product in a regional trialDistinguish between qualitative and quantitative data. There are two types of data
– Qualitative data gives information describing feelings, opinions and judgements eg why customers prefer one brand to another. Qualitative Research collects data on: ‘the why’
– Quantitative data gives number information about facts and figures eg 54% ofcustomers buy brand X. Quantitative Research collects hard facts and figures
How are market research results used? Firms interpret (analyse) the results of their investigation eg to work out the size of the market and specific customer needs. Research findings help them make decisions about product features, price and promotion, etc.

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