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In Course: GCSE Business (Edexcel): Paper 1 - Investigating Small Business

GCSE Business: 1.2 Spotting a business opportunity

Focuses on how businesses identify and understand customer needs. Covers the purpose and methods of market research, including primary (surveys, focus groups) and secondary (internet research, market reports) research. Explains the use of qualitative and quantitative data. Defines market segmentation and its benefits. Analyses the competitive environment, including identifying competitors and understanding their strengths and weaknesses.

A wide-angle, vibrant photograph captures a thoughtful entrepreneur observing the bustling activity of an outdoor street market. Their gaze, subtly analytical, sweeps across diverse stalls and customer interactions, hinting at the search for unmet needs and new opportunities amidst the competition. The scene is rich with colorful produce, unique crafts, and lively human connection, composed for a 3:2 landscape frame.

Management & Tools

Deck Contents

44 Cards
Lesson#1
Welcome to this deck on spotting a business opportunity. To succeed, a business can't just have a good idea; it needs to know there are customers willing to buy its product or service. In this topic, we'll explore how businesses find out what customers really want. We'll cover market research, how to analyse competitors, and how to find your own space in a crowded market. This is a vital first step for any entrepreneur.
Lesson#2
So, where does a business idea start? It starts with the customer. A successful business identifies and satisfies customer needs. Think about what you look for when you buy something. You might want a low price, or high quality. You might want lots of choice, or the convenience of quick service. These are all customer needs. A business that understands which of these needs are most important to its target customers has a much better chance of success.
Quiz#3
Besides price and quality, what is another key customer need related to how easy it is to buy a product?

convenience

Quiz#4
What customer need is met by a shop that offers a wide variety of products?

choice

Lesson#5
How do businesses find out about customer needs? They don't just guess. They do market research. Market research is the process of gathering, analysing, and interpreting information about a market, its customers, and its competitors. The main purpose of this for a new business is to reduce the risk of failure. By understanding the market before you launch, you can make much more informed decisions about what to sell, who to sell it to, and at what price.
Quiz#6
In business, what is the process of gathering and analysing information about customers and competitors called?

market research

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