Question 1: Define the term 'market research' and explain why it is important for a new business.

Answer: Market research involves gathering information about customers' needs, preferences, and buying habits. It helps a new business understand its target market, identify potential customers, and make informed decisions to improve products and marketing strategies.

Question 2: List three different methods a small business can use to promote its products or services.

Answer: 1. Distributing flyers or posters locally. 2. Advertising on social media platforms. 3. Offering discounts or special promotions.

Question 3: Explain the difference between 'advertising' and 'sales promotion'.

Answer: Advertising involves creating awareness of a product or service through paid messages to a broad audience, such as TV or online ads. Sales promotion offers short-term incentives, like discounts or free samples, to encourage immediate purchases.

Question 4: Describe what a 'target market' is and give an example relevant to a new sportswear company.

Answer: A target market is a specific group of consumers that a business aims to reach with its products or services. For example, a new sportswear company might target teenagers and young adults who are interested in fitness and active lifestyles.

Question 5: Sketch a simple logo for a new bakery business. The logo should include the business name and a relevant symbol or image.

Answer: A correct sketch would include the bakery's name written clearly, with a symbol such as a loaf of bread, a cupcake, or a rolling pin, designed in a way that makes the logo memorable and suitable for branding.

Question 6: Identify two ways a business can evaluate the success of its marketing campaigns.

Answer: 1. Monitoring sales figures before and after the campaign. 2. Collecting feedback from customers through surveys or reviews.

Question 7: Explain why branding is important for a new business.

Answer: Branding helps a business distinguish itself from competitors, build customer loyalty, and create a professional image that encourages trust and recognition.

Question 8: Describe a scenario where a business might need to change its marketing strategy and explain why.

Answer: If a clothing retailer notices that sales are declining despite advertising, they might need to change their strategy by introducing new product lines, changing advertising channels, or offering special deals to attract more customers.

Question 9: Draw a simple concept map that shows the relationship between 'Market Research', 'Target Market', and 'Advertising'. Include at least three connecting words or phrases.

Answer: A correct concept map would have 'Market Research' at the top, pointing to 'Target Market' with a link labeled 'identifies'. 'Target Market' would connect to 'Advertising' with a link labeled 'reaches'. Additional connecting words might include 'helps to' or 'informs'.