MARKETS 7 Price and income Understand the concept of price Investigate and analyse the demand for different products, e.g., milk, elasticity of demand and income elasticity of cigarettes and foreign holidays to determine (intuitively) their price demand (learners are not elasticity. required to do calculations). Investigate and analyse the demand for different products to see what happens when incomes change. Explain the nature of inferior, Find three examples of each type of goods; inferior, normal and luxury, normal and luxury goods. explaining why they fit into these categories. MARKET Explain what is meant by Carry out market research based on the business plan from week 3, 8 RESEARCH market research and the value including writing questionnaires and carrying out interviews. of carrying it out. Primary and Distinguish between primary Learners to collect examples of different primary research tools used by secondary research and secondary market businesses. Using these, give examples of how qualitative and and quantitative and research. quantitative data is collected. qualitative research Evaluate the use of market research to a business and its stakeholders. Distinguish between qualitative and quantitative data. Explain the different methods of primary and secondary research available to businesses. Explain the issues in selecting the most appropriate method of market research.
7 MARKETS Price and income elasticity of demand Understand the concept of price and income elasticity of demand (learners are not required to do calculations). Explain the nature of inferior, normal and luxury goods. Investigate and analyse the demand for different products, e.g., milk, cigarettes and foreign holidays to determine (intuitively) their price elasticity. Investigate and analyse the demand for different products to see what happens when incomes change. Find three examples of each type of goods; inferior, normal and luxury, explaining why they fit into these categories. 8 MARKET RESEARCH Primary and secondary research and quantitative and qualitative research Explain what is meant by market research and the value of carrying it out. Distinguish between primary and secondary market research. Evaluate the use of market research to a business and its stakeholders. Distinguish between qualitative and quantitative data. Explain the different methods of primary and secondary research available to businesses. Explain the issues in selecting the most appropriate method of market research. Carry out market research based on the business plan from week 3, including writing questionnaires and carrying out interviews. Learners to collect examples of different primary research tools used by businesses. Using these, give examples of how qualitative and quantitative data is collected.
wjec_business_outline_september_2015.docx