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3.2 Business summary - Coggle Diagram
3.2 Business summary
Data
Quantitative data
Data from a large group of people showing numbers, proportions or trends within a market.
Qualitative data
In-depth research into reasons why consumers buy or don't buy a product. Gathers information from smaller groups of people, but uses detailed discussions and interviews to explore attitudes of consumers.
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Market-oriented business
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Attempt to...
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Secure competitive advantage over rivals by targeting and meeting the needs of a specific group of consumers.
Identify changes in the market and changes in the needs of customers, allowing the business to be the first to react.
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