Unit 1 Revision

Year 11 – Introduction and Session 1

Wednesday 15th March 2017 – Unit 1

Spotting a Business Opportunity

  • Understanding Customer Needs
  • Market Mapping
  • Competitor Strengths and Weaknesses
  • Adding Value
  • Start-Up Options
  • The Importance of Location

Questions:These could be answered on paper as a list, or you could create a mind-map which details exactly what you’ve found out – the choice is yours.

  1. Understanding Customer Needs:
  2. What is a Business?
  3. Why do businesses exist?
  4. What are customer needs?
  5. How do businesses meet customer needs?
  6. Define “Business Start-Up”.
  7. What is a market?
  8. What is a business opportunity?
  9. What is a business idea?
  10. How are business ideas identified?
  11. What is an entrepreneur?
  12. Why set up a Business?
  13. How are customer needs central to starting a business?
  14. How can a new business succeed?
  15. What is market research?
  16. State the two main methods used in market research:
  17. List methods to collect Primary data:
  18. Distinguish between Qualitative and Quantitative data:
  19. How are market research results used?
  20. How does direct customer contact help firms understand customer needs?
  21. Do new businesses always do market research?
  22. What is a business plan?
  23. Market Mapping:
  24. What are customer buying habits?
  25. What are customer preferences?
  26. How are customer buying habits and preferences analysed?
  27. What is analysis?
  28. What is a market segment?
  29. Why is identifying a market segment helpful?
  30. List ways of segmenting a market:
  31. What is market mapping?
  32. Draw a market map.
  33. Explain the term “gap in the market”.
  34. How can a business identify a gap in the market?
  35. Competitor Strengths and Weaknesses:
  36. What is a competitor?
  37. Explain competition.
  38. How can firms gain a competitive advantage?
  39. Explain the term unique selling point (USP):
  40. How can rival firms compete in a market?
  41. Why is competition a threat to small businesses?
  42. What is competitor analysis?
  43. Explain the term strengths:
  44. Explain the term weaknesses:
  45. How can competitor analysis help firms spot business opportunities?
  46. Adding Value:
  47. Define production:
  48. Give examples of resources needed to make products:
  49. How do firms add value?
  50. Give an example of adding value:
  51. Why is adding value important in business?
  52. How can a business increase added value?
  53. Give examples of value adding activities:
  54. How can a firm increase the worth of a product and get customers to pay a higher price?
  55. Start-Up Options:
  56. What is a small business?
  57. What is an independent?
  58. Is there an alternative to being an independent?
  59. What is a brand?
  60. What is a franchise?
  61. Give an example of a franchise:
  62. Who is a franchisee?
  63. Who is a franchisor?
  64. What does a franchisee gain from buying a franchise?
  65. How can a franchise reduce risk?
  66. List the drawbacks of a franchise to the franchisee:
  67. Why sell franchises?
  68. Why opt to be an independent retailer?
  69. The importance of Location:
  70. What is location?
  71. List the main factors affecting choice of location:
  72. What is the best location for a start-up business?
  73. Is town centre always the best location?

Remember – the more detail you find out for your answer, the better your revision notes will be!