Why is understanding customers especially important for a new business?

It is a survival issue, because getting it wrong means weak sales and failure

Why does market research data need to be reliable?

Unreliable data leads to wrong decisions and wasted money

Target the group most likely to buy and tailor its marketing

Price, quality, location, product range and customer service

By offering better customer service and a specialist range

Reduce the risk of launching a product customers do not want

Secondary research is cheap and quick to size up the market

12questions. Pick an answer and you'll see why right away.

Which of these is a customer need identified by Edexcel?
Why is understanding customers especially important for a new business?
A survey carried out by a business itself is an example of:
Which of these is a secondary research method?
The result '65% of people said they would buy the product' is an example of:
Why does market research data need to be reliable?
Segmenting a market by age, income and lifestyle helps a business to:
On a market map, an empty space where few competitors sit suggests:
On which of these does a business judge the strengths and weaknesses of competitors?
How might a small shop best compete with a large supermarket nearby?
A key purpose of market research is to:
Why might a new business start with secondary research before doing primary research?