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business revision
Stella Danailova
Created on November 21, 2023
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Transcript
Business Revision
GCSE Business Studies
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Before you start revising
Identifying what reward is in business terms
What is market research?
Primary and secondary research? - What is the difference?
Identifying what risk is in business terms
Quantative and Qualitative Data
Products and Services
Customer Needs
Market Segmentation
The competitive enviroment
Business Aims and Objectives
Market Research
Primary Research Methods
Primary Research
- 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.
Market Research
Primary Research Methods
Primary Research
- 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.
Market Research
Secondary Research Methods
Secondary Research
- 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.
The Competitive Enviroment
What do businesses compete about?
Location Having the most convenient location for customers, e.g close to a housing estate.
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
Market Segmentation
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.
Cash Flow
Deficit
Surplus
Cash flow - the movement of money into and out of a business bank account
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