Spotting a business opportunity GCSE Business Studies

Spotting a business opportunity GCSE Business Studies has 4 topics below; for each We have created a lesson and test to help you get good marks

1.2.1 Customer needs

Identifying and understanding customer needs:
● what customer needs are: price, quality, choice, convenience
● the importance of identifying and understanding customers: generating sales, business survival.

1.2.2 Market research

The purpose of market research:
● to identify and understand customer needs
● to identify gaps in the market
● to reduce risk
● to inform business decisions.
Methods of market research:
● primary research: survey, questionnaire, focus group, observation
● secondary research: internet, market reports, government reports.
The use of data in market research:
● qualitative and quantitative data
● the role of social media in collecting market research data
● the importance of the reliability of market research data.

1.2.3 Market segmentation

How businesses use market segmentation to target customers:
● identifying market segments: location, demographics, lifestyle, income, age
● market mapping to identify a gap in the market and the competition.

1.2.4 The competitive environment

Understanding the competitive environment:
● strengths and weaknesses of competitors based on: price, quality, location, product range and customer service
● the impact of competition on business decision making.