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1.2 Spotting a business opportunity

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Question 12

A rival lowers its price while keeping quality unchanged. What response might a small business consider?

[1]
A

Ignore the rival because competition cannot affect customer decisions, price sensitivity or customer loyalty

B

Reduce product quality without considering its target market

C

Review its price or strengthen a feature that differentiates its offer

D

Stop collecting information about competitors and customer needs

Markscheme

1.2 Spotting a business opportunity Questions

  1. GCSE
  2. /Business
  3. /1.2 Spotting a business opportunity

36 exam-style questions on Edexcel GCSE Business 1.2 Spotting a business opportunity, covering 1.2.1a What customer needs are, 1.2.1b Importance of understanding customers, 1.2.2a The purpose of market research, 1.2.2b Methods of market research, 1.2.2c The use of data in market research, 1.2.3a Identifying market segments, 1.2.3b Market mapping, 1.2.4a Strengths and weaknesses of competitors, and 1.2.4b Impact of competition on decision making. Each one has a worked solution and a mark scheme showing where the marks go.

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