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Learn: Needs, Wants and Business Opportunities
WJEC Eduqas GCE A LEVEL in BUSINESS specification
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Welcome!You've already learned about Enterprise and SMEs. Today, we'll build on that foundation by exploring Needs, Wants and Business Opportunities. This will help you understand how businesses identify and meet customer demands to create successful opportunities.
What are Needs and Wants?Needs are essential items or services required for survival, like food, water, and shelter. Wants, on the other hand, are non-essential but desirable items or services, such as designer clothing or luxury holidays. Understanding the difference is crucial for businesses to target their customers effectively.
Which of the following is an example of a need?
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How Businesses Identify Needs and WantsBusinesses use market research (the process of gathering information about customer preferences) to understand needs and wants. This helps them design products or services that fulfil customer demands while staying competitive.
Businesses use {{blank0}} research to identify customer {{blank1}}.
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Creating Business OpportunitiesOnce businesses identify needs and wants, they can create opportunities by developing products or services that meet these demands. For example, spotting a need for sustainable packaging could lead to a new product line.
Match the items on the left with their correct pairs on the right
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Why Meeting Needs and Wants is ImportantMeeting needs ensures customer satisfaction and builds loyalty, while addressing wants can create competitive advantages. Businesses that effectively balance both can maximise their sales and build strong customer relationships.
Which of the following are benefits of meeting customer needs? (Select all that apply)
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Review Time!Great work! You've learned about Needs, Wants and Business Opportunities. Let's test your understanding with a few final questions.
Which of the following is an example of a business meeting a need?
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Businesses create opportunities by identifying customer {{blank0}} and {{blank1}}.
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Match the items on the left with their correct pairs on the right
Start the lesson to answer this matching question
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