Spotting an opportunity (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What must businesses create to succeed?
What must businesses create to succeed?
Products & services customers want to buy
How many key factors do customers consider when making purchasing decisions?
How many key factors do customers consider when making purchasing decisions?
Four
Which four factors do customers consider when purchasing?
Which four factors do customers consider when purchasing?
Price, choice, quality, convenience
What does 'choice' refer to in customer needs?
What does 'choice' refer to in customer needs?
Variety & range of options available
What does quality relate to?
What does quality relate to?
How well a product performs & lasts
What factors does convenience include?
What factors does convenience include?
Location, opening hours, & delivery
How can businesses reduce prices without sacrificing quality?
How can businesses reduce prices without sacrificing quality?
By improving efficiency or bulk buying
What typically happens when a business improves product quality?
What typically happens when a business improves product quality?
Costs increase, requiring higher prices
What is Ryanair's primary focus in their business model?
What is Ryanair's primary focus in their business model?
Low prices with trade-offs elsewhere
How does Tesco meet different customer segments?
How does Tesco meet different customer segments?
By extensive ranges at various prices
What do satisfied customers provide businesses?
What do satisfied customers provide businesses?
Repeat purchases giving steady revenue
How do satisfied customers reduce marketing costs?
How do satisfied customers reduce marketing costs?
They recommend business to others