PAPER 1

Question 1

EXPLAIN ONE BENEFIT AND ONE LIMITATION OF PRIMARY RESEARCH

Answer 1

BENEFIT: SPECIFIC TO THE BUSINESS, CAN HELP WITH PRODUCT DEVELOPMENT, UP TO DATE

LIMITATION: MORE EXPENSIVE, TAKES MORE TIME THAN SECONDARY RESEARCH

Question 2

EXPLAIN ONE BENEFIT AND ONE LIMITATION OF SECONDARY RESEARCH

Answer 2

BENEFIT: CHEAPER THAN PRIMARY, EASY TO FIND

LIMITATION: NOT SPECIFIC TO THE BUSINESS, MAY BE OUTDATED

Question 3

EXPLAIN ONE BENEFIT AND ONE LIMITATION OF OPERATING IN A MASS MARKET

Answer 3

BENEFIT: BIGGER MARKET SIZE, MORE POTENTIAL GROWTH, ECONOMIES OF SCALE

LIMITATION: MORE COMPETITION, COSTS MORE TO MARKET TO MORE PEOPLE, HARDER TO DIFFERENTIATE

Question 4

EXPLAIN ONE BENEFIT AND ONE LIMITATION OF OPERATING IN A NICHE MARKET

Answer 4

BENEFIT: LESS COMPETITION, EASIER TO DIFFERENTIATE, MORE LOYAL CUSTOMERS

LIMITATION: LESS POTENTIAL CUSTOMERS, MORE MARKET RESEARCH COSTS, LESS ECONOMIES OF SCALE

Question 5

EXPLAIN ONE BENEFIT AND ONE LIMITATION OF OPERATING IN A DYNAMIC MARKET

Answer 5

BENEFIT: FORCES INNOVATION, CAN CREATE NEW REVENUE STREAMS OFTEN, HEALTHY COMPETITION

LIMITATIONS: PRODUCTS MAY GO OUT OF FASHION FAST, MORE RESEARCH COSTS, LOTS OF COMPETITION

Question 6

EXPLAIN ONE BENEFIT AND ONE LIMITATION OF QUANTITIVE RESEARCH

Answer 6

BENEFIT: EASY TO READ AND ANALYSE, EASILY COMPARABLE, EASY TO SPOT TRENDS

LIMITATIONS: DOESN’T SHOW REASONS BEHIND THE NUMBERS, MAY LACK RELIABILITY IF THE SAMPLE SIZE IS SMALL

Question 7

EXPLAIN ONE BENEFIT AND ONE LIMITATION OF QUALITATIVE RESEARCH

Answer 7

BENEFIT: MORE INFORMATION THAT CAN BE USED FOR DEVELOPMENT, CAN GET AN IDEA OF CUSTOMER WANTS AND NEEDS, HIGHLIGHTS SPECIFIC ISSUES.

LIMITATIONS: EXPENSIVE TO COLLECT AND ANALYSE, BASED AROUND OPINIONS, HARDER TO GET PEOPLE TO FILL OUT

Question 8

HOW TO CALCULATE PERCENTAGE CHANGE

Answer 8

OLD - NEW
—————- x100
OLD

Question 9

LABEL THE SUPPLY CURVE

Answer 9

SUPPLY -> TOWARDS THE SKY
DEMAND -> DOWN
PRICE -> Y AXIS
QUANTITY -> X AXIS

Question 10

EXPLAIN ONE REASON WHY _____ WILL NEED TO CARRY OUT MARKET RESEARCH

Answer 10

• NEW PRODUCT DEVELOPMENTS

- ENTERING A NEW MARKET

Question 11

EXPLAIN A CHARACTERISTIC _____

DEMONSTRATES/NEEDS TO HAVE AS AN ENTREPRENEUR

Answer 11

-PASSIONATE, HARD-WORKING, CREATIVE, GOOD LEADERSHIP, RESILIENCE, DETERMINATION