Photo AI
1. Which one of the following is the most likely advantage to a business from improved customer loyalty? Select one answer - Edexcel - GCSE Business - Question 1 - 2017 - Paper 1
Question 1
1. Which one of the following is the most likely advantage to a business from improved customer loyalty? Select one answer. A Lower margin of safety B Higher reve... show full transcript
Worked Solution & Example Answer:1. Which one of the following is the most likely advantage to a business from improved customer loyalty? Select one answer - Edexcel - GCSE Business - Question 1 - 2017 - Paper 1
Step 1
Which one of the following is the most likely advantage to a business from improved customer loyalty?
Answer
The most likely advantage to a business from improved customer loyalty is B Higher revenue. This is because loyal customers are more likely to make repeat purchases, resulting in increased sales and overall revenue.
Step 2
Outline one method a business could use to collect qualitative market research.
Answer
One method a business could use to collect qualitative market research is through focus groups. Focus groups involve gathering a small group of customers to discuss their perceptions, opinions, and feelings about a product or service. This method provides in-depth qualitative data, helping businesses understand consumer behavior and preferences.
Step 3