Business 7115 · O Level · Market research

Market research — practice question

(a)[8]

Explain two limitations and two benefits for a business when it develops new products.

(b)[12]

Consider the strengths and weaknesses of these three methods PH uses to gather market research data. Which method is most likely to ensure that accurate data is collected? Justify your answer. • A focus group made up of existing customers • An online survey with only 5 questions • Secondary research including government sources

Worked solution & mark scheme

This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: Market research would have to be done to check whether there is a market for the new product - which is costly/may not be accurate

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