A rival opens nearby with lower prices but slower service. Which response is most appropriate for a small convenience store?
Match every price immediately even if this creates a loss and removes the ability to invest in service or product choice
Close the store because a new competitor always causes business failure
Reduce opening hours so the store becomes less convenient than the rival
Compare the rival's strengths and weaknesses before deciding whether to stress speed, service or price
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.