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Theme 1.2 Spotting a Business Opportunity - Coggle Diagram
Theme 1.2 Spotting a Business Opportunity
Customer Needs
Price
Quality
Choice
Convenience
Market Research
Secondary
Market reports
Search up existing research
Internet
Government reports
Primary
Questionnaire
Observation
Survey
Focus groups
More specific
Expensive
Do it yourself
Takes time
Market Segmentation
Lifestyle
Demographics
Family type
Where are you in the life cycle
Gender
Income
Behaviour
Location
Age
Market Mapping
Competitive Environment
What businesses compete on
Customer service
Location
Product range
Price
Quality
Business decisions
SWOT
Opportunities
Threats
Weaknesses
Strengths