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2 (a) Which two of the following are examples of secondary market research? Select two answers - Edexcel - GCSE Business - Question 2 - 2020 - Paper 1
Question 2
2 (a) Which two of the following are examples of secondary market research? Select two answers. ☐ A Focus group ☐ B Internet ☐ C Market report ☐ D Observation ☐ E ... show full transcript
Worked Solution & Example Answer:2 (a) Which two of the following are examples of secondary market research? Select two answers - Edexcel - GCSE Business - Question 2 - 2020 - Paper 1
Step 1
Which two of the following are examples of secondary market research?
Answer
The correct answers are B - Internet and C - Market report. The Internet serves as a source of existing data collected by other organizations, while a market report provides insights based on analyzed information.
Step 2
Step 3
Using the information in Table 1, calculate the net cash flow for this month. You are advised to show your workings.
Answer
To calculate the net cash flow, we first calculate the total revenue and total costs:
-
Total Revenue = Selling Price × Number of Units Sold
= £15 × 200 = £3000 -
Total Costs = Rent + Wages + Advertising
= £500 + £1000 + £150 = £1650 -
Net Cash Flow = Total Revenue - Total Costs
= £3000 - £1650 = £1350
Thus, the net cash flow for this month is £1350.
Step 4
Explain one disadvantage of starting a small business as a partnership.
Answer
One disadvantage of starting a small business as a partnership is the potential for conflicts between partners. Differences in opinions regarding decision-making processes, profit-sharing, and operational management can lead to disputes, which can be detrimental to the business's success.
Step 5
Explain one way the marketing mix of a small business may change due to changing consumer needs.
Answer
One way the marketing mix may change is through adjustments in product offerings. For example, if consumer preferences shift towards sustainable products, a small business may need to modify its existing products or develop new, eco-friendly alternatives to meet these demands and maintain customer loyalty.