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Business 1.2 - Coggle Diagram
Business 1.2
Market research
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Reliability
market research must be reliable to increase the chances of improvement. This is so it's cost-effective and less risky when the data is carried out. If the data proves to help, it'll help attracts customers and loyalty
Reducing risks
Market research helps find out what customers want. This allows the business to adapt in order to maximize customer satisfaction. This reduces risks by increasing sales and loyalty
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Competition
USP
A unique selling point will give a small business a competitive advantage. This would make customers more likely to buy from the business rather than from the competition. This means the business will benefit from increased market share
Quality
Quality refers to how well a product is made; If a business offered a higher-quality item, this would help seem more desirable as lower quality products in the same industry. This encourages customers to go with what will be best in the long run
Convenience (+location)
Convenience makes a product easier/more accessible for a customer. This is preferred to a similar product they'll struggle more using. This gives customers incentive to choose products that are more convenient
Product range
Product range is the number of variations a product has. For example, monopoly has several different themes and changes like an online banking version, which modern generations may prefer. This shows that different variations increases the amount in one's target market allowing for a larger customer base
Customer service
Customer service refers to the experience a customer has with a business and its products. If a business focuses on making sure they have good customer service, they'll have very satisfied customers. This increases loyalty and reviews, improving sales and reputation
Customer needs
Price
Price is the affordability and value of a product. Customers care if a product is a fair price so they maximise their disposable income. Customers may choose a better value product that isn't as preferred as a similar product that's out of their budget or poorly valued.
Quality
Better quality products satisfy customers more. This is because the product is more reliable and easier to use. This increases the chance of customer loyalty as they trust they'll remain satisfied
Choice
Each customer will have different needs and desires. In order to attract a large customer base with equal satisfaction, every customer, including ones who may not know exactly what they're looking for, need a good variety to choose from. This encourages not only more people to buy from that business, but also keeps one customer with a changing opinion to come back.
Convenience
Convenience makes a product easier to use or access. This is seen as beneficial to the customer as they spend less time preparing its usage. This means the customer is willing to pay more too
Extras
Market Mapping
Market mapping will allow a small business to spot a gap in the market. This can lead to the business developing a product to help fill this gap. Therefore, the business may obtain market share from competition
Impact of competition
All businesses are affected by their competitors, for example if a business sells the same product for less money, the other business may need to iniate a price war
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