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Learning objective

Explain why businesses conduct market research, including identifying opportunities and understanding customers and competitors.

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Topic

The purpose and methods of market research

Subtopic

Purpose and methods of market research

Aqa Gcse BusinessMarketing

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Quick explanation

Explain why businesses conduct market research, including identifying opportunities and understanding customers and competitors

  • This point belongs to The purpose and methods of market research, especially Purpose and methods of market research.
  • You need to be able to explain why businesses conduct market research, including identifying opportunities and understanding customers and competitors.
  • The key ideas to know are market research.
  • Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.

Key concepts

market research

Why it matters

This objective helps connect Purpose and methods of market research to exam-style questions, flashcards, and revision notes for The purpose and methods of market research.

Quick student answer

Explain how market research can help an online service business understand its competitors.

Direct answer

By gathering data on competitors’ pricing, features, marketing tactics and customer feedback, the business can benchmark its own offerings, identify gaps in the market, and adjust its strategy to gain a competitive advantage.

How it works

The answer shows that market research supplies specific, actionable insights about rivals, which the business can use to refine its own product positioning and marketing plans.

Key terms

  • Market research: The systematic collection, analysis and interpretation of data about a market, customers and competitors to inform business decisions.

Common trap

Confusing market size with market share: Market size is the total sales of the entire market; market share is a firm’s proportion of those sales.

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