Topic 1.2 Spotting a business opportunity — Edexcel GCSE Study Guide
Exam Board: Edexcel | Level: GCSE
Mastering 'Spotting a Business Opportunity' is the foundation of GCSE Business. This topic explores how successful entrepreneurs identify customer needs, conduct market research, and find profitable gaps in the market before their competitors do.
Overview
Topic 1.2 focuses on the very first steps an entrepreneur must take before launching a product or service. Examiners expect candidates to understand that businesses don't just guess what to sell; they systematically identify customer needs and use market research to reduce the risk of failure. This topic is heavily tested in both short-answer recall questions and longer evaluation essays where you must weigh the costs and benefits of different research methods in specific contexts.
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Customer Needs
Every successful business starts by fulfilling a customer need. If a product doesn't solve a problem or satisfy a desire, it won't sell.
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