Market Research
Competition
Pricing/Information Technology
GAAP
100
What is primary data?
Information that you obtain through your own efforts. For example, through e-mail, phone interviews, surveys
100
Define competition relating to business
Any other business that is competing for the same customers that you are competing for
100
What are fixed costs?
Costs that must be paid regardless of the amount of product or service that is sold
100
What does GAAP stand for?
Generally Accepted Accounting Principles
200
What is an example of a close-ended question?
Yes/No or Multiple Choice Question
200
What is market share?
The amount of consumers a business holds
200
In order to calculate your profit margin what analysis should you use?
Break-Even Analysis
200
What is GAAP?
GAAP are like the laws of accounting- rules for conducting behaviour in a way acceptable to the majority of people
300
What is secondary data?
Information that someone else has obtained
300
When comparing your product or service to your competitors, what are important factors to consider? (List 2)
Quality, Price, Service, Warranties, Image
300
What percentage of profit should a business be making in order to be considered a viable business?
35%
300
Why is GAAP important?
To have standards and hold accountants responsible for the information they are recording
400
What is an example of an open-ended question?
A short or long answer style question
400
Why would you want to know a competitors strengths and weaknesses?
In order to make your business more effective and in turn draw more customers to your business
400
What would be the purpose of having a website for your business?
In order for present and potential customers to access your business
400
What is the Relevance Characteristic?
If the information in the financial statement is to be useful for users, it must be appropriate to the decision that the user wishes to make.
500
Why is market research important?
Market research helps you understand how potential customers feel about your product or service.
500
What factors could increase or reduce your competition?
Consumer demand, product or service supply, other competitors entering or leaving the market
500
What would be an alternative technology to attract customers besides a website?
Twitter feed, Facebook Page, Texting Service, etc.
500
What is the Entity Concept?
The Organization stands apart as a separate unit from the person who owns the business.
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