Cheatography
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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
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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 |
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