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business revision
Stella Danailova
Created on November 21, 2023
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Transcript
Business Revision
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GCSE Business Studies
Business Aims and Objectives
The competitive enviroment
Customer Needs
Products and Services
Identifying what risk is in business terms
Identifying what reward is in business terms
Market Segmentation
Quantative and Qualitative Data
Primary and secondary research? - What is the difference?
What is market research?
Before you start revising
Primary Research Methods
- Primary research is original data gathered by the researcher. The information does not yet exist. Brand new information which the researcher will find out about the business.
- An advantage of a business wanting to use primary research is knowing what the customers want and using facts. Another one is that you're limiting risks because of primary research.
- A disadvantage of primary research is that its time consuming and very expensive because we have to do it ourselves. It can also be biased.
Primary Research
Market Research
Primary Research Methods
- Primary research is original data gathered by the researcher. The information does not yet exist. Brand new information which the researcher will find out about the business.
- An advantage of a business wanting to use primary research is knowing what the customers want and using facts. Another one is that you're limiting risks because of primary research.
- A disadvantage of primary research is that its time consuming and very expensive because we have to do it ourselves. It can also be biased.
Primary Research
Market Research
Secondary Research Methods
- Secondary research is information that already exists in some format, someone has already collected the data. It is desk research. Desk research is where you don't have to pay anyone for it.
- An advantage of secondary research is that its quick to access. Another advantage is that its cheaper than primary research.
- A disadvantage of secondary research is that there could be false information or its not accurate. Another disadvantage is that it does not ask for customers' opinions.
Secondary Research
Market Research
Quality If a business decides to improve the quality of its products, this will cost more.
Price - competition Lower prices may mean lower profits. A business will have to lower costs. It can start a price war with other competitors
Location Having the most convenient location for customers, e.g close to a housing estate.
What do businesses compete about?
The Competitive Enviroment
Market segmentation is the process of splitting a business’ target market into different groups. Businesses use these groups to make it easier for them to develop products aimed at certain people and to help them target their marketing. Small businesses generally split up their target market based on location, demographics, behaviour, lifestyle, income and age.
Market Segmentation
The importance of cash flow - to pay suppliers. If a supplier is not paid on time they may refuse to deal with the company in the future
Cash flow - the movement of money into and out of a business bank account
Deficit
Surplus
Cash Flow