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Which of the following is a method of secondary market research? A Focus group B Internet research C Interview D Questionnaire - AQA - GCSE Business - Question 1 - 2023 - Paper 2
Question 1
Which of the following is a method of secondary market research? A Focus group B Internet research C Interview D Questionnaire
Worked Solution & Example Answer:Which of the following is a method of secondary market research? A Focus group B Internet research C Interview D Questionnaire - AQA - GCSE Business - Question 1 - 2023 - Paper 2
Step 1
Which of the following is a method of secondary market research?
Answer
The correct answer is B Internet research. Internet research is considered a method of secondary market research because it involves gathering data that has already been collected by others, often through online databases, reports, and studies.
Step 2
Describe what is meant by the term 'entrepreneur'.
Answer
An entrepreneur is an individual who identifies a gap in the market or a business opportunity and takes the initiative to create and manage a new enterprise. Entrepreneurs are often characterized by their willingness to take risks, innovate, and invest time and resources to bring their ideas to fruition. They play a key role in economic development by creating jobs and stimulating innovation.
Step 3
Explain one way a business might measure its success, other than profit.
Answer
One way a business might measure its success, other than profit, is through customer satisfaction. This can be assessed through surveys, feedback forms, or the Net Promoter Score (NPS), which gauges how likely customers are to recommend the business to others. High customer satisfaction can lead to repeat business, positive word-of-mouth, and ultimately contribute to long-term sustainability.