1.3.1 - Meeting customer needs

Compare mass and niche markets, including characteristics, market size, market share and brands.

Use a - mass and niche markets to connect the rule to the data and decision in the question.

This matters because a - mass and niche markets determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - mass and niche markets to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - Mass and niche markets is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Explain dynamic markets, including online retailing, market change, innovation, market growth and adapting to change.

Use b - dynamic markets to connect the rule to the data and decision in the question.

This matters because b - dynamic markets determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - dynamic markets to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - Dynamic markets is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Explain how competition affects markets.

Use c - competition and markets to connect the rule to the data and decision in the question.

This matters because c - competition and markets determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - competition and markets to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - Competition and markets is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Distinguish risk from uncertainty in business decisions.

Use d - risk and uncertainty to connect the rule to the data and decision in the question.

This matters because d - risk and uncertainty determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply d - risk and uncertainty to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: d - Risk and uncertainty is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Use primary and secondary market research data, both quantitative and qualitative, to identify needs, estimate demand and understand consumer behaviour.

Use a - market research data to connect the rule to the data and decision in the question.

This matters because a - market research data determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - market research data to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - Market research data is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Evaluate surveys, questionnaires, focus groups, consumer panels, interviews, product trials and test marketing.

Use b - primary market research methods to connect the rule to the data and decision in the question.

This matters because b - primary market research methods determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - primary market research methods to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - Primary market research methods is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Use secondary sources such as websites, social media, newspapers, magazines, TV, radio, reports and databases.

Use c - secondary market research methods to connect the rule to the data and decision in the question.

This matters because c - secondary market research methods determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - secondary market research methods to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - Secondary market research methods is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Apply random, quota and stratified sampling methods.

Use d - sampling methods to connect the rule to the data and decision in the question.

This matters because d - sampling methods determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply d - sampling methods to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: d - Sampling methods is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Distinguish product orientation from market orientation.

Use a - product and market orientation to connect the rule to the data and decision in the question.

This matters because a - product and market orientation determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - product and market orientation to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - Product and market orientation is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Use market mapping to position businesses, brands or products.

Use b - market mapping to connect the rule to the data and decision in the question.

This matters because b - market mapping determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - market mapping to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - Market mapping is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Explain market segmentation and its use in targeting customers.

Use c - market segmentation to connect the rule to the data and decision in the question.

This matters because c - market segmentation determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - market segmentation to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - Market segmentation is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Explain competitive advantage for a product or service.

Use d - competitive advantage to connect the rule to the data and decision in the question.

This matters because d - competitive advantage determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply d - competitive advantage to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: d - Competitive advantage is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Explain the purpose of product differentiation.

Use e - product differentiation to connect the rule to the data and decision in the question.

This matters because e - product differentiation determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply e - product differentiation to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: e - Product differentiation is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Explain how businesses add value to products or services.

Use f - adding value to connect the rule to the data and decision in the question.

This matters because f - adding value determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply f - adding value to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: f - Adding value is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.