CIE IGCSE Topical Past Paper 1

3.2 Market Research

0450/11/O/N/2024

Mitchell is an entrepreneur. He wants to start up a business selling books. As part of his business plan Mitchell has carried out some market research. An extract is shown in Fig. 2.1. Mitchell will use microfinance as a source of finance. He wants to know whether the opportunities of using ecommerce for a new business are greater than the threats.

Explain how the market research data in Chart 1 and Chart 2 in Fig. 2.1 could help Mitchell when making decisions. [6]
Chart 1:
Explanation:

Chart 2:
Explanation:

045/13/M/J/2023

Meena wants to leave her job as a teacher to become a successful entrepreneur. Her business will produce handmade jewellery. Meena knows that there is government support for business start-ups. She plans to use market research to help identify a market segment for her jewellery. Meena’s brother has offered to become her business partner but she cannot decide whether it would be better to operate as a sole trader.

Do you think accessing government sources, such as statistics, is the best method of market research for a start-up business to use? Justify your answer. [6]