cycle 1 business - two year course
TRANSCRIPT
Business Cycle 1 - Year 10 Two Year Course
Week / Date Homework Task Exam Question
Week 1 September 6th
Cornell Notes on: The importance of Customer needs and how businesses can meet them.
Question 1:
Explain one benefit to a small business of understanding customer needs. (3)
Week 2 September 13th
Revision cards on Customer Needs
Question 2:
Explain why customer service is important in meeting customer needs (3)
Week 3 September 20th
Cornell Notes on: The different methods of market research, advantages and disadvantages. Market segmentation and examples of how businesses meet these.
Question 3:
Explain one advantage to a small business of using secondary market research rather than primary market research (3)
Week 4 September 27th
Revision cards on Market Research
Question 4:
Explain one way in which social media can be used to collect market research data. (3)
Week 5 October 4th
Cornell Notes on: The competitive environment and how this impacts the business decision making on things such as price charged, location and product.
Question 5:
Explain one reason why a business might develop high quality products (3)
Week 6 October 11th
Revision cards on Competitive market
Question 6:
Explain one impact on a small business of operating in a competitive environment. (3)
Week 7 and 8 October 18th - November 1st
Revision: Cornell Notes / Mind map / Revision cards
Revision
Week 9 November 8th
Plug the gaps
Wee
kKe
y Kn
owle
dge
–4
fact
ors
Cont
extu
al I
nfor
mat
ion
1 &
2
1.2
Cust
omer
ne
eds
Pric
e –
Beat
ing
a co
mpe
titor
s pric
e on
sa
me
good
/ser
vice
Conv
enie
nce
–A c
ompl
ete
mea
l tha
t can
be
mic
row
aved
in
min
utes
•Al
di a
nd Li
dl m
eet c
usto
mer
nee
ds b
y of
ferin
g lo
w p
rice
groc
erie
s•
Dyso
n m
eet c
usto
mer
s nee
ds b
y of
ferin
g hi
gh q
ualit
y pr
oduc
ts•
Serv
ice
stat
ions
mee
t the
nee
ds o
f the
ir cu
stom
ers b
y pl
acin
g th
emse
lves
of
the
maj
or ro
ads i
n th
e UK
to m
ake
trav
ellin
g ea
sier
•Cu
rrys
PC W
orld
mee
t the
nee
ds o
f the
ir cu
stom
ers b
y of
ferin
g al
l kin
ds o
f el
ectr
onic
equ
ipm
ent a
nd h
ouse
hold
app
lianc
es
Qua
lity
-A
man
ufac
ture
r usin
g th
e be
st
mat
eria
lsRa
nge
–A
supe
rmar
ket t
hat
offe
rs e
very
1.2
Mar
ket
Rese
arch
Prim
ary
-Co
llect
ing
info
rmat
ion
that
did
not
exi
st b
efor
e.
This
will
be
com
plet
ing
up to
dat
e an
d re
leva
nt to
the
busin
ess.
Exam
ple;
Que
stio
nnai
res,
Focu
s gro
ups,
Surv
eys
Qua
litat
ive
–Q
uest
ions
that
pro
duce
data
ab
out w
hat p
eopl
e th
ink
and
feel
. Ope
n qu
estio
ns th
at g
et m
ore
deta
iled
resp
onse
s
The
purp
ose
of re
sear
ch is
to;
•Id
entif
y ga
ps in
the
mar
ket
•Id
entif
y cu
stom
er n
eeds
•Id
entif
y an
d un
ders
tand
com
petit
ors
•Un
ders
tand
cus
tom
er o
pini
on o
f a b
usin
ess
Man
y bu
sine
sses
fail
as th
ey d
o no
t un
ders
tand
the
mar
ket o
rthe
ir c
usto
mer
ne
eds.
Seco
ndar
y –
Gath
erin
g da
ta th
at a
lread
y ex
ists a
bout
the
mar
ket o
r oth
er b
usin
esse
s in
the
mar
ket.
Exam
ple;
Mar
ket r
epor
ts, S
ales
dat
a, in
tern
et, g
over
nmen
t rep
orts
Qua
ntita
tive
–Q
uest
ions
that
pro
duce
nu
mer
ical
data
like
am
ount
s or p
erce
ntag
es.
Clos
ed q
uest
ion
that
pro
duce
yes
or n
o an
swer
s
Busi
ness
Stu
dies
Y
10
Kno
wle
dge
Org
anis
er
1.1
/ 1
.2/
1.3
/ 1.
4
1 &
2Ke
y Kn
owle
dge
–4
fact
ors
Key
term
sCo
ntex
tual
Info
rmat
ion
Mar
ket
segm
enta
tion
Inco
me
-Ho
w m
uch
mon
ey p
eopl
e ea
rn. E
xam
ple,
bus
ines
ses w
ill
prod
uce
prod
ucts
that
targ
et p
eopl
e w
ith li
ttle
mon
ey (P
ound
land
) or
lots
of m
oney
(Rol
ex)
Diff
eren
tiate
–A
prod
uct o
r ser
vice
th
at st
ands
out
from
oth
ersM
akin
g so
met
hing
uni
que
or e
xcep
tiona
l
Mar
ket s
egm
enta
tion
allo
ws
a bu
sine
ss to
de
sign
its
prod
uct r
ange
or s
ervi
ces
to c
ater
for
the
peop
le th
at it
hop
esw
ill b
ecom
e its
cu
stom
ers.
*Din
kys
Play
Caf
é –
inst
alle
d a
soft
pla
y ar
ea
for t
oddl
ers,
it a
lso
offe
red
a ra
nge
of c
hild
fr
iend
ly h
ealth
y sn
acks
. In
its to
ilets
it in
stal
led
low
er le
vel s
inks
and
a n
appy
cha
ngin
g st
atio
n.
It a
lso
offe
red
besp
oke
birt
hday
pac
kage
s.
Und
erst
andi
ng it
s ta
rget
mar
ket w
as k
ey to
m
akin
g th
em h
appy
Dem
ogra
phic
–In
clud
es g
ende
r and
fam
ily ty
pe (s
ingl
e, m
arrie
det
c.)
Life
styl
e–
The
thin
gs p
eopl
e lik
e to
do
and
buy.
For
exam
ple,
Ha
lford
s app
eal t
o pe
ople
who
cyc
ling
and
B a
nd Q
app
eal t
o pe
ople
w
ho li
ke to
do
thin
gs in
the
hous
e an
d ga
rden
Targ
etm
arke
t –a
grou
p of
peo
ple
that
bus
ines
s has
reco
gnise
d as
po
tent
ial c
usto
mer
s
Loca
tion
–Bu
sines
s who
wan
t to
appe
al to
regi
onal
tast
es o
r bu
sines
ses t
hat r
ecog
nise
an
area
is a
fflue
nt so
they
sell
high
qua
lity
prod
ucts
ther
e.
Inno
vatio
n –
A ne
w id
ea o
r cre
ativ
e so
lutio
n
1 &
2Ke
yKn
owle
dge
Mar
ketM
ap
Mar
ket m
aps
Mar
ket M
appi
ng –
A di
agra
m th
at c
an b
e us
ed to
pos
ition
two
prod
ucts
usin
g tw
o va
riabl
es(o
ften
qual
ity
and
pric
e). T
his a
llow
s ent
repr
eneu
rs o
r bus
ines
ses t
o sp
ot p
oten
tial g
aps i
n th
e m
arke
t or p
lace
s with
less
co
mpe
titio
n.
Qua
lity
–Ex
ampl
es o
f diff
eren
t qua
lity
prod
ucts
inch
ocol
ate
are
show
n on
the
diag
ram
from
top
to b
otto
m.
Gree
n an
d Bl
acks
are
con
sider
ed h
igh
qual
ity w
ith K
inde
r egg
low
qua
lity
Pric
e –
Exam
ples
of d
iffer
ent p
riced
cho
cola
te is
show
n fr
om le
ft to
righ
t. Tw
ix is
a lo
w p
riced
cho
cola
tean
d Di
vine
is q
uite
exp
ensiv
e.
Wee
kKe
y Kn
owle
dge
Key
term
s
3 &
4
Com
petit
ive
mar
ket
Com
petit
ive
envi
ronm
ent –
Mos
t bu
sine
sses
ope
rate
in a
com
peti
tive
en
viro
nmen
t. C
onsu
mer
s of
ten
have
lots
of c
hoic
e as
to
whe
re t
hey
can
buy
thei
r pr
oduc
ts fr
om a
nd t
he o
ptio
n of
alt
erna
te b
rand
s.
Dire
ct co
mpe
titor
s –Bu
sine
sses
tha
t of
fer
the
sam
e pr
oduc
ts. F
or e
xam
ple
Burg
erki
ng a
nd M
cDon
alds
Indi
rect
com
petit
ors –
Busi
ness
es t
hat
do n
ot o
ffer
the
sam
e pr
oduc
t or
se
rvic
e bu
t gi
ve t
he c
onsu
mer
an
alte
rnat
e op
tion
. For
exa
mpl
e a
bus
or a
tr
ain
Non
-com
petit
ive
envi
ronm
ent -
Som
e bu
sine
sses
ope
rate
in a
mar
ket
wit
h lit
tle
com
peti
tion
. Thi
s is
som
etim
es b
ecau
se t
hey
offe
r so
met
hing
ver
y un
ique
or
excl
usiv
e an
d is
som
etim
es b
ecau
se o
f the
ir lo
cati
on.
Pric
e w
ar –
Whe
n bu
sine
sses
low
er t
heir
pri
ces
to fi
ght
for
cust
omer
s. T
his
ofte
n re
sult
s in
the
com
peti
tors
low
erin
g th
eir
pric
es
3 &
4Ke
y Kn
owle
dge
-4
area
s of S
WO
TKe
y te
rms
SWO
TAn
alys
is
Stre
ngth
–W
hat
is g
ood
abou
t a
busi
ness
, wha
t do
es it
do
wel
lW
eakn
ess -
Wha
t ar
e th
e ar
eas
for
deve
lopm
ent
wit
hin
a bu
sine
ss, w
here
ha
s it
got
thi
ng w
rong
Com
petit
ive
mar
ket –
Whe
re t
here
are
lots
of b
usin
esse
s of
feri
ng t
he
sam
e or
sim
ilar
prod
ucts
or
serv
ices
Opp
ortu
nity
–W
hat
are
the
thin
gs
that
cus
tom
ers
may
wan
t th
at t
he
busi
ness
doe
s no
t ye
t of
fer
Thre
ats –
Who
are
the
big
gest
co
mpe
tito
rs, w
hat
is h
appe
ning
ext
erna
l in
the
eco
nom
y
Com
petit
ive
adva
ntag
e –
whe
n a
com
pany
cre
ates
a pr
oduc
t or
ser
vice
th
at is
sig
nific
antl
y di
ffer
ent
or b
ette
r or
whe
n th
ey c
reat
e a
high
ly t
rust
ed
bran
d.
Busi
ness
Stu
dies
Y
10
Kno
wle
dge
Org
anis
er
1.1
/ 1
.2/
1.3
/ 1.
4
Wee
kKe
y Kn
owle
dge
Key
term
sCo
ntex
tual
inf
orm
atio
n
3&
4
Sole
trad
ers
Adva
ntag
esDi
sadv
anta
ges
Unl
imite
d lia
bilit
y –
If t
he b
usin
ess
cann
ot r
epay
its
debt
s th
en
the
owne
rs p
erso
nal p
osse
ssio
ns a
re a
t ri
skA
Sole
trad
er b
usin
ess
is
perf
ect f
or a
star
t up.
It is
eas
y an
d ch
eap
to se
t up
with
litt
le
pape
rwor
k to
man
age.
If a
sm
all b
usin
ess i
s not
inte
ndin
g to
get
into
deb
t the
re is
litt
le
reas
on to
cons
ider
bei
ng a
lim
ited
com
pany
Ow
ners
mak
e al
l the
de
cisi
ons
Unl
imit
ed li
abili
tyU
ninc
orpo
rate
d –
A b
usin
ess
that
doe
s no
t ha
ve it
s ow
n se
para
te le
gal i
dent
ity
Ow
ners
kee
p al
l the
pr
ofit
sBa
nks
are
less
like
ly t
o le
nd
Asse
ts –
The
thin
gs t
hat
a bu
sine
ss o
wns
. For
exa
mpl
e;
Mac
hine
ry, b
uild
ings
, veh
icle
sFi
nanc
iali
nfor
mat
ion
kept
pri
vate
Lots
of p
ress
ure
due
to b
eing
so
lely
res
pons
ible
3 &
4Ke
y Kn
owle
dge
–tw
o ty
pes
Key
term
sCo
ntex
tual
info
rmat
ion
Part
ners
hip
Adva
ntag
esDi
sadv
anta
ges
Deed
of p
artn
ersh
ip –
A le
gal a
gree
men
t dr
awn
up b
etw
een
part
ners
. Out
lines
sha
re o
f bus
ines
s, r
espo
nsib
iliti
es,s
hare
of
prof
its
A pa
rtne
rshi
p ca
n gi
ve
entr
epre
neur
s mor
eop
port
unity
for g
row
th
thro
ugh
capi
tal i
nves
tmen
t and
sh
ared
skill
s and
idea
s. A
pa
rtne
rshi
p ag
reem
ent i
s an
impo
rtan
t con
side
ratio
n to
av
oid
conf
lict
Shar
ed e
xper
tise
Unl
imit
edlia
bilit
y
Part
ners
have
con
trol
Co
nflic
t be
twee
n pa
rtne
rsEx
pert
ise
–Sk
ills
that
diff
eren
t en
trep
rene
urs
brin
g to
the
bu
sine
ss. T
hese
may
be t
echn
ical
ski
lls li
ke IT
or
soft
ski
lls li
ke
good
com
mun
icat
ors
Mor
e ca
pita
l inv
este
dSh
are
the
prof
its
Wee
kKe
y Kn
owle
dge
–4
fact
ors
Key
term
sCo
ntex
tual
info
rmat
ion
5&
6
LTD’
s
Adva
ntag
esDi
sadv
anta
ges
Lim
ited
liabi
lity
–O
nly
the
bu
sin
ess
ass
ets
can
be
so
ld t
o m
ee
t
the
de
bts
of
a b
usi
ne
ss. T
he
ow
ne
rs p
ers
on
al a
sse
ts a
re
pro
tect
ed
If an
ent
repr
eneu
r or a
bu
sine
ssar
e co
nsid
erin
g bo
rrow
ing
to st
art u
p or
ex
pand
then
lim
ited
liabi
lity
will
be
the
safe
st o
ptio
n
Lim
ite
d li
abili
tyE
xpe
nsi
ve t
o s
et
up
an
d r
un
Com
pani
es h
ouse
–T
he
org
anis
atio
n t
hat
a L
TD
mu
st r
egi
ste
r
wit
h w
he
n it
be
com
es
inco
rpo
rate
d. T
he
pla
ce w
he
re y
ou
will
fin
d t
he
fin
anci
alin
form
atio
n a
bo
ut
limit
ed
co
mp
anie
s
Ban
ks a
re m
ore
like
ly t
o
len
d
Fin
anci
al in
form
atio
n is
shar
ed
Inco
rpor
ated
–A
bu
sin
ess
wh
ich
has
its
on
ly le
gal i
de
nti
ty
Shar
ehol
der –
A p
ers
on
/pe
op
le t
hat
ow
n a
lim
ite
dco
mp
any
5 &
6Ke
yKn
owle
dge
Key
term
sCo
ntex
tual
info
rmat
ion
Fran
chis
es
Adva
ntag
esDi
sadv
anta
ges
Fran
chis
ee –
An
en
tre
pre
ne
ur
wh
o p
ays
for
the
lega
l rig
ht
to
op
era
te u
nd
er
ano
the
r b
usi
ne
sse
s tr
adin
g n
ame
& b
usi
ne
ss
mo
de
l
Succ
ess i
s not
gua
rant
eed
but
mor
e lik
ely
with
a fr
anch
ise.
The
mod
el m
ust b
e su
cces
sful
to
be
repl
icat
ed a
nd a
wel
l kn
own
bran
d w
ill m
ean
cust
omer
s str
aigh
t aw
ay
We
ll kn
ow
n b
ran
d,
succ
ess
ful b
usi
ne
ss
mo
de
l
Fran
chis
es
are
exp
en
sive
to
set
up
by
com
par
iso
n t
o
ind
ep
en
de
nt
bu
sin
ess
es.
Fr
anch
isor
–A
bu
sin
ess
th
at s
ells
the
rig
ht
to a
no
the
r
bu
sin
ess
/en
tre
pre
ne
ur
to o
pe
rate
un
de
r an
oth
er
bu
sin
ess
es
trad
ing
nam
e a
nd
bu
sin
ess
mo
de
lSu
pp
ort
an
d t
rain
ing
En
tre
pre
ne
ur
can
no
t m
ake
the
ir o
wn
de
cisi
on
sRo
yalti
es –
A p
aym
en
t m
ade
by
the
fra
nch
ise
e t
o t
he
fra
nch
iso
r
fro
m t
he
pro
fits
of
the
fra
nch
ise
Nat
ion
al a
dve
rtis
ing
Bra
nd
re
pu
tati
on
can
be
dam
age
d b
y o
the
r fr
anch
ise
s
5 &
6Ke
y Kn
owle
dge
Key
term
sCo
ntex
tual
info
rmat
ion
Loca
tion
Mar
ket–
Pro
xim
ity
tocu
sto
me
rs t
hat
th
e b
usi
ne
ss is
targ
eti
ng
Bulk
redu
cing
pro
duct
–W
he
reth
e e
nd
pro
du
ct is
smal
ler
tan
th
e r
aw m
ate
rial
use
d t
o m
ake
it. F
or
exa
mp
le a
bu
rge
r fa
cto
ry w
ou
ld n
ot
wan
t a
wh
ole
cow
just
th
e m
eat
th
at it
inte
nd
s to
use
in t
he
bu
rge
rs
Reta
il bu
sine
sses
will
loca
tene
ar to
thei
r cu
stom
ers a
nd o
ften
thei
r com
petit
ors b
y pl
acin
g th
eir
busi
ness
in a
tow
n ce
ntre
or
on a
reta
il pa
rk.
*Man
ufac
ture
rs w
ill lo
cate
clos
e to
su
pplie
rs to
redu
ce tr
ansp
orta
tion
cost
sBu
sine
sses
that
nee
d sk
illed
wor
kers
will
lo
cate
in a
n ar
ea w
here
they
can
fill
the
skill
ed p
ositi
ons.
For
exa
mpl
e Si
licon
e va
lley
in C
alifo
rnia
wou
ld b
e pe
rfec
t for
a n
ew te
ch
busi
ness
Com
petit
ion
–P
roxi
mit
y to
th
e B
usi
ne
sse
s th
at a
re in
dir
ect
or
ind
ire
ct c
om
pe
titi
on
Supp
liers
–P
roxi
mit
y to
th
e r
eso
urc
es
that
a b
usi
ne
ss
ne
ed
s to
op
era
te
Bulk
gai
ning
pro
duct
–W
he
reth
e e
nd
pro
du
ct is
larg
er
that
th
e r
aw m
ate
rial
s. F
or
exa
mp
le a
car
. A
car
man
ufa
ctu
rer
that
so
ld c
ar in
th
e U
K m
any
fro
m E
uro
pe
an p
arts
wo
uld
mak
e t
he
car
in t
he
UK
and
sh
ip t
he
par
tsEm
ploy
ees–
Pro
xim
ity
to t
he
wo
rkfo
rce
ne
ed
ed
fo
r th
e
bu
sin
ess
to
op
era
te
Busi
ness
Stu
dies
Y
10
Kno
wle
dge
Org
anis
er
1.1
/ 1
.2/
1.3
/ 1.
4
Wee
kKe
y Kn
owle
dge
-Th
ings
in a
bus
ines
s pl
anKe
y te
rms
Cont
extu
al in
form
atio
n
5&
6
Bus
ines
s pl
ans
Fina
ncia
l aim
sN
on fi
nanc
ial a
ims
Obj
ecti
ve –
An
incr
emen
tal s
tep
to h
elp
a bu
sine
ss a
chie
ve a
n A
im.
Aim
s an
d ob
ject
ives
will
cha
nge
over
tim
e an
d de
pend
ing
on t
he s
ize
of a
bus
ines
s. A
ne
w b
usin
ess
will
wan
t to
sur
vive
in it
s fi
rst
year
whe
reas
an
esta
blis
hed
busi
ness
w
ill w
ant
to m
ake
a pr
ofit
and
gro
wth
.
A s
mal
l bus
ines
s m
ight
be
focu
sed
on
prof
it w
here
as
a la
rge
busi
ness
mig
ht
wan
t to
incr
ease
mar
ket
shar
e or
mov
e in
to n
ew m
arke
ts
Surv
ival
Sati
sfac
tion
Prof
itCh
alle
nge
SMA
RT
–Sp
ecifi
c/M
easu
rabl
e/A
chie
vabl
e/R
ealis
tic/
Tim
e bo
und
Gro
wth
Co
ntro
lSo
cial
ent
erpr
ise
–A
bus
ines
s se
t up
to
supp
ort
a so
cial
or
com
mun
ity
need
Bus
ines
s id
ea –
An
outl
ine
of t
he b
usin
ess
conc
ept
Cash
flow
-A
pre
dict
ion
of e
xpec
ted
inflo
ws
and
outf
low
s of
the
bus
ines
s.
Targ
et m
arke
t –
The
cust
omer
s w
ho t
he p
rodu
ct/s
ervi
ce is
tar
geti
ngFi
nanc
e –
How
the
pro
ject
will
be
fund
ed. F
or e
xam
ple
inve
stm
ent
or p
erso
nal
savi
ngs.
The
bus
ines
s m
ay a
lso
need
a lo
an fr
om t
he b
ank
Fore
cast
for
reve
nue,
cos
t an
d pr
ofit
–Ev
iden
ce o
f res
earc
h th
at h
elps
th
e en
trep
rene
ur p
redi
ct e
xpec
ted
sale
s an
d co
sts
duri
ng t
he fi
rst
year
Loca
tion
–W
here
the
bus
ines
s w
ill b
e si
tuat
ed o
r ho
wth
e cu
stom
er w
ill a
cces
s th
e pr
oduc
t or
ser
vice
. For
exa
mpl
e; a
sho
p in
the
hig
h st
reet
or
onlin
e
Mar
keti
ng m
ix –
Det
ails
of t
he 4
p’s
and
how
the
busi
ness
exp
ects
the
m
to w
ork
toge
ther
to
mak
e th
e bu
sine
ss s
ucce
ssfu
lA
ims
and
obje
ctiv
es –
The
visi
on a
ndex
pect
atio
ns o
f the
bus
ines
s fo
r th
e fir
stye
ar a
nd b
eyon
d. F
or e
xam
ple
surv
ival
Wee
k 7
& 8
Rev
ise
all
Wee
k 9
Plug
the
gap
s
Bus
ines
s St
udie
s
Y10
K
now
ledg
e O
rgan
iser
1
.1 /
1.2
/ 1.
3 /
1.4
Date…………………………………………….
Question Title………………………………………………………………………………………....…
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Answer:
WEEK 1
Date…………………………………………….
Question Title………………………………………………………………………………………....…
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Answer:
WEEK 2
Date…………………………………………….
Question Title………………………………………………………………………………………....…
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Answer:
WEEK 3
Date…………………………………………….
Question Title………………………………………………………………………………………....…
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Answer:
WEEK 4
Date…………………………………………….
Question Title………………………………………………………………………………………....…
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Answer:
WEEK 5
Date…………………………………………….
Question Title………………………………………………………………………………………....…
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Answer:
WEEK 6
STEP 1: RECORD YOUR NOTES
What: Record all keywords, ideas, important dates, people, places, diagramsand formulas from the lesson. Create a new page for each topic discussed.
When: During class lecture, discussion, or reading session.
How: • Use bullet points, abbreviated phrases, and pictures • Avoid full sentences and paragraphs • Leave space between points to add more information later
Why: Important ideas must be recorded in a way that is meaningful to you.
STEP 2:
What: Reduce your notes to just the essentials.
What: Immediately after class, discussion, or reading session.
How: • Jot down key ideas,
important words and phrases
• Create questions that might appear on an exam
• Reducing your notes to the most important ideas and concepts improves recall.
Creating questions that may appear on an exam gets you thinking about how the information might be applied and improves your performance on the exam.
Why: Spend at least ten minutes every week reviewing all of your previous notes. Reflect on the material and ask yourself questions based on what you’ve recorded in the Cue area. Cover the note-taking area with a piece of paper. Can you answer them?
CREATECUES
STEP 3: SUMMARISE & REVIEW
What: Summarise the main ideas from the lesson.
What: At the end of the class lecture, discussion, or reading session.
How: In complete sentences, write down the conclusions that can be made from the information in your notes.
Why: Summarising the information after it’s learned improves long-term retention.
Revision Card on xxxxx
1
Answers
Revision Card on xxxxx
1
Answers
Revision Card on xxxxx
1
Answers
……………………………………………………………………………………………………………………………………………………
Revision Card on Customer Needs
1. How many customer needs are there? 2. Why is it important to meet customer needs? 3. Explain one customer need that a business
must consider? 4. How is quality linked to customer service? 5. Give one benefit of using the internet for
buying goods online? 6. How important is choice to consumers? 7. A customer need is convenience, explain what
this means for the customer.
Answers
…………………………………………………………………………………………………………………………………………………...
Revision Card on Market Research
1. Define market research 2. How many types of market research are there? 3. Identify two methods of research that a
business can use to find out what customers needs and wants are.
4. What is the purpose of market research? 5. Give a benefit of a focus group for market
research 6. Define target market 7. Discuss the advantages to a business of using
primary research
Answers
……………………………………………………………………………………………………………………………………………………
Revision Card on Competitive Market
1. There are two different types of data, name them 2. What is the purpose of completing a market map? 3. Name the two types of competitors, name them
both 4. One benefit of a business using a market map 5. What does S.W.O.T stand for? 6. Describe the difference between primary and
secondary research 7. Discuss the ways in which a small business could
segment its market.
Answers
……………………………………………………………………………………………………………………………………………………
Revision Card on Customer Needs
1. How many customer needs are there? 2. Why is it important to meet customer needs? 3. Explain one customer need that a business
must consider? 4. How is quality linked to customer service? 5. Give one benefit of using the internet for
buying goods online? 6. How important is choice to consumers? 7. A customer need is convenience, explain what
this means for the customer.
Answers
…………………………………………………………………………………………………………………………………………………...
Revision Card on Market Research
1. Define market research 2. How many types of market research are there? 3. Identify two methods of research that a
business can use to find out what customers needs and wants are.
4. What is the purpose of market research? 5. Give a benefit of a focus group for market
research 6. Define target market 7. Discuss the advantages to a business of using
primary research
Answers
……………………………………………………………………………………………………………………………………………………
Revision Card on Competitive Market
1. There are two different types of data, name them 2. What is the purpose of completing a market map? 3. Name the two types of competitors, name them
both 4. One benefit of a business using a market map 5. What does S.W.O.T stand for? 6. Describe the difference between primary and
secondary research 7. Discuss the ways in which a small business could
segment its market.
Answers
……………………………………………………………………………………………………………………………………………………
Revision Card on Customer Needs
1. How many customer needs are there? 2. Why is it important to meet customer needs? 3. Explain one customer need that a business
must consider? 4. How is quality linked to customer service? 5. Give one benefit of using the internet for
buying goods online? 6. How important is choice to consumers? 7. A customer need is convenience, explain what
this means for the customer.
Answers
…………………………………………………………………………………………………………………………………………………...
Revision Card on Market Research
1. Define market research 2. How many types of market research are there? 3. Identify two methods of research that a
business can use to find out what customers needs and wants are.
4. What is the purpose of market research? 5. Give a benefit of a focus group for market
research 6. Define target market 7. Discuss the advantages to a business of using
primary research
Answers
……………………………………………………………………………………………………………………………………………………
Revision Card on Competitive Market
1. There are two different types of data, name them 2. What is the purpose of completing a market map? 3. Name the two types of competitors, name them
both 4. One benefit of a business using a market map 5. What does S.W.O.T stand for? 6. Describe the difference between primary and
secondary research 7. Discuss the ways in which a small business could
segment its market.
Answers