Loading…
Loading…
GCSE Business · key term
A customer need or want that existing businesses do not adequately satisfy, creating a possible business opportunity.
Used by AQA, Edexcel and OCR
Paper 1, Paper 2
Revise: Entrepreneurship and the Changing Business EnvironmentIdentifying a gap in the market: they recognise a customer need or want that existing businesses do not adequately satisfy and aim to meet it.
An unmet or poorly served customer need that a business could satisfy with a product or service.
Specification 1.1.1, 1.2.2, 1.2.3 · Paper 1
An unmet consumer need or want that a business could serve.
Revise: Dynamic Nature of BusinessAn entrepreneur may recognise a gap in the market—a consumer need or want that existing businesses are not meeting—and set up a business to serve it. However, a new business need not offer something completely unique. It might improve an existing offer or serve a market with room for another competitor.
A customer need that existing businesses do not adequately satisfy, creating a possible business opportunity.
An opportunity to supply customers whose needs are not currently being met by existing products or businesses.
Paper 1
A customer need or want that existing businesses do not adequately satisfy.
Revise: Purpose of Business ActivityA gap in the market is a need or want that existing businesses do not adequately satisfy; an idea does not have to be completely new to address one.
Create a free account to read GCSE Business revision notes for your exam board and track your progress.