GCSE Topic – Spotting a business opportunity
When taught: October/November
Specification link: Edexcel GCSE Business (2017) | Pearson qualifications
What are we learning?
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.
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
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.
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.
How will we be assessed?
The end of topic assessment will consist of questions from past exam papers. There will be a combination of multiple choice, short-answer and extended answer, context-based questions.
What makes a strong piece of work in this topic? What are teachers hoping to see?
- Good knowledge and understanding of key ideas and concepts
- Effective use of subject specific terminology
- Developed explanation (use of BLT framework)
- The ability to apply knowledge and understanding to given contexts
- The ability to construct a detailed chain of argument using multiple strands of development
What additional resources can I access outside of lessons?
Click the links for more information.
GCSE Business – Edexcel – BBC Bitesize
GCSE Learning and Revision | GCSEPod
