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GCSE Business · key term
The quantity of a product customers are willing and able to buy at a particular price over a given period.
Used by AQA and OCR
Paper 2
The amount of a product or service that customers are willing and able to buy at a given price.
Revise: Purpose of Market ResearchMarket research is the systematic collection and analysis of information about customers, demand and competitors to inform business decisions. Rather than relying only on an owner's preferences or guesses, a business investigates what customers want and what is already available to them.
Paper 1, Paper 2
The quantity of a product that customers are willing and able to buy at a given price over a particular period.
Revise: Interpretation of Market DataExplaining that the business may need more stock to meet customer demand turns that observation into useful information for a decision.
The amount of a good or service that customers are willing and able to buy at a given price.
Apply your answer to the business in the question: identify what it needs to know about its customers, demand or competitors.
When judging a response, weigh the effect on customer demand against the effect on recruitment and wage costs.
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