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Unit 1- Spotting a Business Opportunity
- (1)Introduction to business enterprise
- why?
- who?
- how?
- why?
- (2)Understanding Customer Needs
- Primary/Secondary Research
- Primary: any type of research
that you collect yourself
- Secondary: involves finding
out data that already exists
(second hand information)
- Primary: any type of research
that you collect yourself
- Qualitative/Quantitative
- Qualitative(answers):
in depth
- Quantitative(answers):
short, simple, yes/no
- Qualitative(research): in depth
conversations among relatively few
people, this provides insight that
can help a business to make a
decision
- Quantitative(research):
collecting research to
specific answers, these
involve large quantities
of information
- Qualitative(answers):
in depth
- Primary/Secondary Research
- (3) Customer Demand
- Effective Demand
- is customer demand
from those customers
who can actually buy
the product
- example: a customer
may want to buy a
sports car but may not
be able to afford it. if
they can afford it,
demand becomes
effective demand.
- example: a customer
may want to buy a
sports car but may not
be able to afford it. if
they can afford it,
demand becomes
effective demand.
- is customer demand
from those customers
who can actually buy
the product
- Factors that impact Demand
- • the price of
rival/competitor
products
- • level of
advertising
- • the price of
product-can customers
afford it?
- • Fashion and
tastes of customers
- • the price of
rival/competitor
products
- Effective Demand
- (4) Market Mapping
- Gaps in the market
- gaps in the market are ways
in which a business can find
a place to put there product,
if there is a gap for a low
price but high quality
product then there is a
possible idea there
- gaps in the market are ways
in which a business can find
a place to put there product,
if there is a gap for a low
price but high quality
product then there is a
possible idea there
- Advantages/Disadvantages
- advantages
- helps spot gaps in
the market
- useful for
analysing
competitors
- encourages use
of market
research
- helps spot gaps in
the market
- Disadvantages
- not a
guarantee
of success
- just because there's a
gap, it doesn't mean it
needs to be filled
- how reliable is
the market
research?
- not a
guarantee
of success
- advantages
- Gaps in the market
- (5)Competition
- Benefits/Drawbacks
- Benefits
- greater choice
for consumers
- prices are kept
to a sensible
low to achieve
sales
- greater choice
for consumers
- Drawbacks
- can become too
focused on
short-term events
- cutting
business
costs
- might neglect
its social
obligations
- can become too
focused on
short-term events
- Benefits
- Good Reasons to
track Competition
- identify ways to
create an
advantage
- find out about,
and respond to,
competitor
actions
- spot changes in
the market so that
you will have the
advantages
- identify ways to
create an
advantage
- Benefits/Drawbacks
- (6)Adding Value
- USP: Unique Selling Point
- ways to add value
- Branding
- excellent customer service
- add products
features that
customers want
- operate efficiently
- Branding
- USP: Unique Selling Point
- (8)Franchise
- a franchise is when a large company
i.e. McDonalds allows smaller
businesses to use their name
- Franchisor: allows
the use of their
business name for
an agreement, they
provide materials,
training and advice
- Franchisee: must
provide money to start
the business and must
make regular payments
- a franchise is when a large company
i.e. McDonalds allows smaller
businesses to use their name
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