1.2 SPOTTING A BUSINESS OPPURTUNITY

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COVENIENCE
A PRODUCT OR SERVICE'S ABILITY TO FIT IN WELL WITH A CUSTOMER'S LIFESTYLE OR ROUTINE, THE EASE WITH WHICH IT CAN BE USED AND/OR ITS EASY-TO-REACH LOCATION
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VIABLE
ABLE TO WORK PROPERLY OR SUCCESSFULLY
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MARKET RESEARCH
THE PROCESS OF GATHERING INFORMATION ABOUT THE MARKET AND CUSTOMER'S NEEDS AND WANTS IN ORDER TO HELP INFORM BUSINESS DECISIONS, INCLUDING PRODUCT DESIGN AND MARKETING
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FOCUS GROUP
A GROUP OF PEOPLE WHO DISCUSS THEIR VIEWS ON A PRODUCT, SERVICE, ADVERTISEMENT OR IDEA, EITHER FACE-TO-FACE OR ONLINE
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TARGET MARKET
A PARTICULAR GROUP OF CONSUMERS AT WHICH A BUSINESS AIMS ITS PRODUCTS AND SERVICES
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SAMPLE
A PORTION OF THE POPULATION ASKED FOR THEIR OPINIONS IN ORDER TO DRAW CONCLUSIONS ABOUT THE BEHAVIOUR OF THE WHOLE POPULATION
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GENERATION Y (AKA MILLENIALS)
THE PEOPLE BORN SHORTLY BEFORE THE 21ST CENTURY, USUALLY DEFINED AS BORN BETWEEN THE 1980'S AND 2000'S
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DATA
INFORMATION, PARTICULARLY STATISTICS, THAT CAN BE COLLECTED AND ANALYSED
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BIASED
UNBALANCED OR INCLINED TO AGREE WITH A PARTICULAR JUDGEMENT OR IDEA RATHER THAN PRESENTING THE EVIDENCE FAIRLY
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ETHICS
MORAL PRINCIPLES OR STANDARDS THAT GUIDE THE BEHAVIOUR OF A PERSON OR BUSINESS
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SOURCE
A PLACE, PERSON OR THING, SUCH AS A BOOK OR REPORT, THAT CAN PROVIDE INFORMATION TO BE USED IN RESEARCH
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CHAMBER OF COMMERCE
A LOCAL ASSOCIATION THAT PROMOTES THE INTERESTS OF BUSINESSES IN A COUNTY OR REGION
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TRADE ASSOCIATION
ORGANISATION FOUNDED AND FUNDED BY BUSINESSES THAT OPERATE IN A SPECIFIC INDUSTRY
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ANALYSIS
THE PROCESS OF LOOKING AT DATA TO IDENTIFY PATTERNS OR TRENDS
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INCENTIVE
SOMETHING SUCH AS A PAYMENT OR GIFT THAT ENCOURAGES SOMEONE TO DO SOMETHING
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VALID
HAVING A SOLID OR ACCURATE BASIS OF FACTS
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SEGMENTATION
THE PROCESS OF BREAKING SOMETHING UP INTO SMALLER PARTS
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DEMOGRAPHICS
RELATING TO THE STRUCTURE OF A POPULATION
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AXES
THE REFERENCE OF LINES ON A GRAPH
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SWOT ANAYLYSIS
A STUDY UNDERTAKEN BY A BUSINESS TO IDENTIFY THE STRENGTHS AND WEAKNESSES, OPURTUNITIES AND THREATS
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Card 2

Front

ABLE TO WORK PROPERLY OR SUCCESSFULLY

Back

VIABLE

Card 3

Front

THE PROCESS OF GATHERING INFORMATION ABOUT THE MARKET AND CUSTOMER'S NEEDS AND WANTS IN ORDER TO HELP INFORM BUSINESS DECISIONS, INCLUDING PRODUCT DESIGN AND MARKETING

Back

Preview of the back of card 3

Card 4

Front

A GROUP OF PEOPLE WHO DISCUSS THEIR VIEWS ON A PRODUCT, SERVICE, ADVERTISEMENT OR IDEA, EITHER FACE-TO-FACE OR ONLINE

Back

Preview of the back of card 4

Card 5

Front

A PARTICULAR GROUP OF CONSUMERS AT WHICH A BUSINESS AIMS ITS PRODUCTS AND SERVICES

Back

Preview of the back of card 5
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