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AQA GCSE 2022 Business Risks, Rewards, and Market Research for Students

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AQA GCSE 2022 Business Risks, Rewards, and Market Research for Students
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Armaan Irfan

@armaanirfan_ttib

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566 Followers

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Risk and Reward in GCSE Business - A comprehensive guide covering business risks, rewards, entrepreneurship, market research, and market segmentation.

• The guide explores fundamental concepts of risk and reward business examples, including business success factors, profit generation, and independence
• Detailed coverage of market research for GCSE business studies, encompassing both primary and secondary research methods
• In-depth analysis of the roles of an entrepreneur GCSE business, including decision-making and resource organization
• Extensive examination of market segmentation strategies and mapping techniques
• Focus on value addition concepts and business enterprise fundamentals

01/07/2022

4304

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

Chapter 5: The Role of Business Enterprise

This chapter delves into the concept of adding value in business, a crucial aspect of GCSE Business studies.

Adding value is achieved through:

  • More convenience
  • Better branding
  • Better quality
  • Attractive design
  • Unique selling point (USP)

Definition: Added value is the difference between the cost of materials and the selling price.

Example: ADDED VALUE = SELLING PRICE - COST OF BROUGHT IN MATERIALS

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

Chapter 4: Risk and Reward

This chapter explores the fundamental concepts of risk and reward in business, essential for understanding AQA GCSE 2022 Business risks and rewards.

The purpose of a business is threefold:

  1. To produce goods and services
  2. To meet customer needs
  3. To add value

Businesses face both rewards and risks:

Rewards:

  • Business success
  • Profits
  • Independence

Risks:

  • Business failure
  • Financial loss
  • Lack of security

Highlight: Risk can be reduced through detailed market research, producing a business plan, having a competitive business, and raising sufficient start-up finance.

Definition: Goods are products that are physically touchable, while services are non-physical items that can't be seen or touched.

Vocabulary: Customer needs are products that customers require to make life comfortable, while customer wants are what people choose to spend their money on.

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

Chapter 9: Market Research

This chapter focuses on understanding market research for GCSE Business studies, a crucial aspect of business planning and decision-making.

Market research is the process of finding out about customers and potential customers in a market for a product to help a business satisfy customer needs more effectively.

The purpose of market research:

  • To identify and understand customer needs
  • To identify gaps in the market
  • To reduce risk
  • To inform business decisions

Definition: Primary Research involves collecting information that didn't exist before. It includes methods such as focus groups, surveys, observations, experiments, questionnaires, and social media.

Definition: Secondary Research is the process of gathering data which already exists, including internet sites, local newspapers, government reports, market reports, telephone directories, and sales data.

Benefits and drawbacks of primary and secondary research are discussed in detail, providing a comprehensive understanding of market research for GCSE Business.

Highlight: Social media can be used to collect feedback from comments, reviews, surveys or online focus groups. This can be quick, cheap, and in real-time, allowing businesses to respond immediately.

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

Chapter 11: Market Mapping

The final chapter introduces market mapping, an essential tool for evaluating business ideas, goods, and services.

Definition: Market mapping involves setting out the features of the market, product, or service on a diagram. The map comprises two axes, each representing two features.

Examples of features used in market mapping include price (high/low), quality, and other relevant attributes.

This chapter provides students with practical tools for analyzing market positioning, essential for GCSE Business studies.

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

Chapter 10: Market Segmentation

This chapter explores market segmentation, a crucial concept in GCSE Business studies.

Definition: Market segmentation is the division of a market into customer groups, each of which has distinct preferences.

Ways to segment customers include:

  1. Location
  2. Income
  3. Lifestyle
  4. Age
  5. Other demographic factors

The benefits and limitations of segmentation are discussed, providing a balanced view of this marketing strategy.

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

Chapter 7: The Role of Entrepreneurship

This section explores the roles of an entrepreneur in GCSE Business, which is essential for understanding business dynamics.

An entrepreneur should:

  • Take risks
  • Make business decisions
  • Organize resources

Vocabulary:

  • Dynamic nature of business: The idea that business is ever-changing due to changing external factors
  • Entrepreneurs: People who see opportunities and are willing to take risks
  • Obsolete: A product with no demand
  • Competitive advantage: A feature of a business that helps it to succeed against rivals
REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

View

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Knowunity is the #1 education app in five European countries

Knowunity has been named a featured story on Apple and has regularly topped the app store charts in the education category in Germany, Italy, Poland, Switzerland, and the United Kingdom. Join Knowunity today and help millions of students around the world.

Ranked #1 Education App

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Google Play

Download in

App Store

Knowunity is the #1 education app in five European countries

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Average app rating

13 M

Pupils love Knowunity

#1

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950 K+

Students have uploaded notes

Still not convinced? See what other students are saying...

iOS User

I love this app so much, I also use it daily. I recommend Knowunity to everyone!!! I went from a D to an A with it :D

Philip, iOS User

The app is very simple and well designed. So far I have always found everything I was looking for :D

Lena, iOS user

I love this app ❤️ I actually use it every time I study.

Subjects

/

Business

/

Ecology

/

Adaptations, interdependence and competition

/

Biotic factors affecting the abundance & distribution or organisms

AQA GCSE 2022 Business Risks, Rewards, and Market Research for Students

user profile picture

Armaan Irfan

@armaanirfan_ttib

·

566 Followers

Follow

Risk and Reward in GCSE Business - A comprehensive guide covering business risks, rewards, entrepreneurship, market research, and market segmentation.

• The guide explores fundamental concepts of risk and reward business examples, including business success factors, profit generation, and independence
• Detailed coverage of market research for GCSE business studies, encompassing both primary and secondary research methods
• In-depth analysis of the roles of an entrepreneur GCSE business, including decision-making and resource organization
• Extensive examination of market segmentation strategies and mapping techniques
• Focus on value addition concepts and business enterprise fundamentals

01/07/2022

4304

 

10/11

 

Business

84

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

Chapter 5: The Role of Business Enterprise

This chapter delves into the concept of adding value in business, a crucial aspect of GCSE Business studies.

Adding value is achieved through:

  • More convenience
  • Better branding
  • Better quality
  • Attractive design
  • Unique selling point (USP)

Definition: Added value is the difference between the cost of materials and the selling price.

Example: ADDED VALUE = SELLING PRICE - COST OF BROUGHT IN MATERIALS

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

Chapter 4: Risk and Reward

This chapter explores the fundamental concepts of risk and reward in business, essential for understanding AQA GCSE 2022 Business risks and rewards.

The purpose of a business is threefold:

  1. To produce goods and services
  2. To meet customer needs
  3. To add value

Businesses face both rewards and risks:

Rewards:

  • Business success
  • Profits
  • Independence

Risks:

  • Business failure
  • Financial loss
  • Lack of security

Highlight: Risk can be reduced through detailed market research, producing a business plan, having a competitive business, and raising sufficient start-up finance.

Definition: Goods are products that are physically touchable, while services are non-physical items that can't be seen or touched.

Vocabulary: Customer needs are products that customers require to make life comfortable, while customer wants are what people choose to spend their money on.

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

Chapter 9: Market Research

This chapter focuses on understanding market research for GCSE Business studies, a crucial aspect of business planning and decision-making.

Market research is the process of finding out about customers and potential customers in a market for a product to help a business satisfy customer needs more effectively.

The purpose of market research:

  • To identify and understand customer needs
  • To identify gaps in the market
  • To reduce risk
  • To inform business decisions

Definition: Primary Research involves collecting information that didn't exist before. It includes methods such as focus groups, surveys, observations, experiments, questionnaires, and social media.

Definition: Secondary Research is the process of gathering data which already exists, including internet sites, local newspapers, government reports, market reports, telephone directories, and sales data.

Benefits and drawbacks of primary and secondary research are discussed in detail, providing a comprehensive understanding of market research for GCSE Business.

Highlight: Social media can be used to collect feedback from comments, reviews, surveys or online focus groups. This can be quick, cheap, and in real-time, allowing businesses to respond immediately.

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

Chapter 11: Market Mapping

The final chapter introduces market mapping, an essential tool for evaluating business ideas, goods, and services.

Definition: Market mapping involves setting out the features of the market, product, or service on a diagram. The map comprises two axes, each representing two features.

Examples of features used in market mapping include price (high/low), quality, and other relevant attributes.

This chapter provides students with practical tools for analyzing market positioning, essential for GCSE Business studies.

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

Chapter 10: Market Segmentation

This chapter explores market segmentation, a crucial concept in GCSE Business studies.

Definition: Market segmentation is the division of a market into customer groups, each of which has distinct preferences.

Ways to segment customers include:

  1. Location
  2. Income
  3. Lifestyle
  4. Age
  5. Other demographic factors

The benefits and limitations of segmentation are discussed, providing a balanced view of this marketing strategy.

REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

Chapter 7: The Role of Entrepreneurship

This section explores the roles of an entrepreneur in GCSE Business, which is essential for understanding business dynamics.

An entrepreneur should:

  • Take risks
  • Make business decisions
  • Organize resources

Vocabulary:

  • Dynamic nature of business: The idea that business is ever-changing due to changing external factors
  • Entrepreneurs: People who see opportunities and are willing to take risks
  • Obsolete: A product with no demand
  • Competitive advantage: A feature of a business that helps it to succeed against rivals
REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m
REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m
REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m
REWARDS Business Success Profits Independence Chapter 4: Risk and Reward Purpose of a business RISKS Risk can be reduced through: detailed m

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Knowunity is the #1 education app in five European countries

Knowunity has been named a featured story on Apple and has regularly topped the app store charts in the education category in Germany, Italy, Poland, Switzerland, and the United Kingdom. Join Knowunity today and help millions of students around the world.

Ranked #1 Education App

Download in

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Download in

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Knowunity is the #1 education app in five European countries

4.9+

Average app rating

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Pupils love Knowunity

#1

In education app charts in 12 countries

950 K+

Students have uploaded notes

Still not convinced? See what other students are saying...

iOS User

I love this app so much, I also use it daily. I recommend Knowunity to everyone!!! I went from a D to an A with it :D

Philip, iOS User

The app is very simple and well designed. So far I have always found everything I was looking for :D

Lena, iOS user

I love this app ❤️ I actually use it every time I study.