Tag: 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.

Enterprise and entrepreneurship GCSE Business Studies is the first topic which we will cover in these sets of lessons. Watch each lesson then take the online tests I have prepare to make sure you have understood the topic.

1.1 Enterprise and entrepreneurship

1.1.1 The dynamic nature of business

Why new business ideas come about:
● changes in technology
● changes in what consumers want
● products and services becoming obsolete.
How new business ideas come about:
● original ideas
● adapting existing products/services/ideas.

1.1.2 Risk and reward

The impact of risk and reward on business activity:
● risk: business failure, financial loss, lack of security
● reward: business success, profit, independence.

1.1.3 The role of business enterprise

The role of business enterprise and the purpose of business
activity:
● to produce goods or services
● to meet customer needs
● to add value: convenience, branding, quality, design,
unique selling points.
The role of entrepreneurship:
● an entrepreneur: organises resources, makes business
decisions, takes risks.