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1.2 Spotting a business opportunity

4 dot points across 4 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

What do customers actually want, and why must a business understand this?

Identifying and understanding customer needs (price, quality, choice, convenience) and the importance of identifying and understanding customers for generating sales and ensuring business survival.
A focused answer to Edexcel GCSE Business 1.2.1, covering what customer needs are (price, quality, choice, convenience) and why identifying and understanding customers matters for generating sales and business survival.
6 min answer →

How does a business find out what its customers and market really want?

The purpose of market research (to identify customer needs, find gaps in the market, reduce risk, inform decisions), methods of research (primary: survey, questionnaire, focus group, observation; secondary: internet, market and government reports), and the use of data (qualitative and quantitative, social media, reliability).
A focused answer to Edexcel GCSE Business 1.2.2, covering the purpose of market research, primary and secondary methods, and the use of qualitative and quantitative data, social media and the reliability of research.
8 min answer →

How does a business split a market into groups and find a gap to aim at?

How businesses use market segmentation to target customers: identifying market segments by location, demographics, lifestyle, income and age, and using market mapping to identify a gap in the market and the competition.
A focused answer to Edexcel GCSE Business 1.2.3, covering how businesses segment markets by location, demographics, lifestyle, income and age, and how market mapping identifies a gap in the market and the competition.
6 min answer →

How do rivals shape the decisions a business makes?

Understanding the competitive environment: the strengths and weaknesses of competitors based on price, quality, location, product range and customer service, and the impact of competition on business decision making.
A focused answer to Edexcel GCSE Business 1.2.4, covering how a business judges the strengths and weaknesses of competitors (price, quality, location, product range, customer service) and how competition affects business decision making.
6 min answer →