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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.