Decision making
What Decision making means in Business GCSE, as defined for AQA, Pearson Edexcel.
Definitions of Decision making
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Reference: Pearson Edexcel
Quantitative data supports objective business decisions, such as identifying areas to reduce costs or justifying expansion, and informs strategic decisions.
Research supports decisions about whether to enter a new market or improve an existing product, and helps a business choose the right marketing mix.
Understanding opportunity cost helps businesses compare options and justify decisions, especially when resources are scarce.
Judging which pricing method suits a given business context.
Topics that use Decision making
- The elements of the marketing mix: price, product, promotion and place (4Ps) (AQA GCSE)
- The purpose and methods of market research (AQA GCSE)
- The purpose and nature of businesses (AQA GCSE)
- Understanding business performance (Pearson Edexcel GCSE)
Related terms
- Competition
- Data interpretation
- Market share
- Target market
- Unique Selling Point (USP)
- Access to customers
- Adaptation and change
- Adaptation and reaction
Using Decision making in the exam
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