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BS Unit 1.2: Cheat Sheet (DRAFT) by

Business Studies cheat sheet for GCSE.

This is a draft cheat sheet. It is a work in progress and is not finished yet.

Market Research

Market Research
Research that enables a firm to find out about its market, its customers, and its potential customers.
Primary Research
Gathering new inform­ation specif­ically for the purpose identified by the business.
Secondary Research
Research that uses inform­ation that has already been gathered for another purpose.

Secondary Research Problems


Benefits of Market Research

Knowing customers' needs - helping to avoid wasting money on products that will not sell
Estimating likely demand - so that the firm avoids making too few or too many products
Helping the entrep­reneur to understand if the market is big enough to make the business a success
Finding out about compet­itors' location, products and prices - so that these three important areas will benefit from this inform­ation