Tag: GCSE

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:
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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

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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.

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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.

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A part of a market that contains a group of buyers with similar characteristics is called a market?

Select ONE answer:

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

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 3 – 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.

Which ONE of the following is NOT an appropriate method of market research for a new small business?

Select ONE answer:

1. Counting for a day the number of customers that enter the shopping centre they want to locate in.
2. Employing a specialist market research company to carry out a face-to-face survey of 20,000 people
3. Using published government statistics about market trends in customer purchases
4. Asking customers to fill in a short questionnaire on their premises
5. Conducting an interview with a group of volunteer customers

Why is using published government statistics on market and consumer trends something all businesses should do in their research about business prospects?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2 – The cost of carrying out a face-to-face survey of 20,000 people using a specialist market research company would be prohibitive for a new small business

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