Month: December 2017

According to the market map, where is there a business gap in the market for a new hairdresser?

Select ONE answer:

High price / Traditional
High price / Fashion
Low price / Traditional
Low price / Fashion
Low price / European

Show your workings to arrive at your answer, and explain and justify your reasons using the diagram:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 4 – There are are no hairdressers offering Low price / Fashion in the current market.

This work is licensed under a Creative Commons Attribution 4.0 International License.

Mario wants to open a restaurant specialising in South American cuisine. He thinks there might be a gap in the market in his home town of Stafford. He has drawn up a market map to identify where there any gaps in the market. There are currently 8 restaurants in Stafford.

Which ONE of the following are benefits to Mario from segmenting the market? Segmenting the market will help to……

Select ONE answer:

1. Determine a product
2. Improve internal communication in the business
3. Reduce start-up costs
4. Reduce staff turnover
5. Focus on a specific customer group

Show your workings to arrive at your answer, and explain and justify your reasons using the diagram:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 5 – A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes. Each market segment is unique, and businesses use various criteria to create a target market for their product or service. Businesses approach each segment differently, after fully understanding the needs, lifestyles, demographics, and personality of the target consumer within the segment.

This work is licensed under a Creative Commons Attribution 4.0 International License.

Mario wants to open a restaurant specialising in South American cuisine. He thinks there might be a gap in the market in his home town of Stafford. He has drawn up a market map to identify where there any gaps in the market. There are currently 8 restaurants in Stafford.

According to the market map, where is there a business gap in the market?

Select ONE answer:

1. Cheap international food
2. Cheap British food
3. Expensive international food
4. Expensive British food
5. Expensive French Food

Show your workings to arrive at your answer, and explain and justify your reasons using the diagram:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 3 – There are are no restaurants offering expensive international food currently in Stafford

This work is licensed under a Creative Commons Attribution 4.0 International License.

Katie is investigating setting up as an independent newsagent. She has drawn up several market maps to help her in her market research.

A market map is a visual map showing?

Select ONE answer:

1. Opportunity
2. Where the business is located
3. The conclusions of a market survey
4. Where a product is positioned in the market
5. Market segments

Explain with a labeled example that you have drawn how a market map is drawn up:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 5 – Another tool used to help identify a business opportunity is a market map. A market map is a diagram that identifies all the products in the market using two key features. A market map showing a gap in the market.

This work is licensed under a Creative Commons Attribution 4.0 International License.

A toy manufacturer sells toys which are linked to a popular TV program aimed at 1-4-year-olds. It also sells toys aimed at 5-9-year-olds.

The two age ranges for the toy manufacturer are examples of a market?

Select ONE answer:

1. Opportunity
2. Resource
3. Map
4. Gap
5. Segmentation

Why is understanding whether your total market can be segmented down to specific groups of buyers with similar characteristics important to businesses?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 5 – A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes. Each market segment is unique, and businesses use various criteria to create a target market for their product or service. Businesses approach each segment differently, after fully understanding the needs, lifestyles, demographics, and personality of the target consumer within the segment.

This work is licensed under a Creative Commons Attribution 4.0 International License.