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EDEXCEL GCSE BUSINESS UNIT 1.2 SPOTTING A BUSINESS OPPORTUNITY COMPLETE 4 LESSON BUNDLE

EDEXCEL GCSE BUSINESS UNIT 1.2 SPOTTING A BUSINESS OPPORTUNITY COMPLETE 4 LESSON BUNDLE Each lesson in this bundle contains a Teacher PowerPoint and a student worksheet. All written by Sarah Hilton for Revisionstation. This bundle includes all of these topics: 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.