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6.1 Define the term target market - NSC Consumer Studies - Question 6 - 2022 - Paper 1
Question 6
6.1 Define the term target market. 6.2 Give the purpose of product specifications. 6.3 Give THREE reasons for the packaging of products. 6.4 Explain why an entrep... show full transcript
Worked Solution & Example Answer:6.1 Define the term target market - NSC Consumer Studies - Question 6 - 2022 - Paper 1
Step 1
Define the term target market.
Answer
The term target market refers to a specific group of people who are potential customers for a particular product or service, and who are willing to pay the price charged. It is essential for businesses to identify their target market to tailor their marketing strategies effectively.
Step 2
Give the purpose of product specifications.
Answer
Product specifications serve multiple purposes:
- They ensure consistency in appearance and quality across all products.
- They help customers to know exactly what to expect, thus minimizing dissatisfaction.
- They function as a guideline for loss prevention by ensuring all products meet defined standards.
Step 3
Give THREE reasons for the packaging of products.
Answer
- Packaging protects the product from damage and deterioration during transit and storage.
- It ensures the product is safe and hygienic for consumers, often providing information on safe handling and usage.
- Effective packaging attracts attention and serves to distinguish products in a competitive marketplace, making them easy to identify.
Step 4
Explain why an entrepreneur should keep a workplace tidy.
Answer
Maintaining a tidy workplace is crucial for entrepreneurs as it:
- Increases productivity by allowing for a more organized working environment where resources are easily accessible.
- Enhances safety by reducing hazards associated with clutter, enabling streamlined operations.
- Promotes a professional image to clients and stakeholders, showing dedication and care in one’s business.
Step 5
Explain the purpose of the trade name of a product.
Answer
The trade name of a product serves as its identity in the market, helping to:
- Distinguish it from competitors' offerings, making it recognizable to consumers.
- Create brand loyalty as customers begin to associate the name with quality and reliability.
- Convey important information about the product's function or quality attributes, thereby influencing consumer purchasing decisions.
Step 6
Explain how the young entrepreneur applied the following factors when choosing a product for her small-scale business.
Answer
(a) Financial resources
She utilized the R350,00 government grant to kickstart her business, allowing her to purchase essential tools and materials.
(b) Work space
The entrepreneur operated from her parents' garage, which provided a convenient and low-cost workspace for her venture.
(c) Raw materials
She sourced old wooden boards from her neighborhood and utilized fabric off-cuts and old tyres for her furniture, which showcased creativity and resourcefulness in using available materials.
(d) Human skills
She applied her skills by training herself through YouTube videos, thus enhancing her knowledge and expertise in furniture making.