The factors that influence the success of a business

1. Read the question carefully and identify the key terms. What is the question asking you to explain? What are the key concepts that you need to understand in order to answer the question?
2. Gather evidence to support your answer. This could include information from your textbook, class notes, or online sources.
3. Structure your answer in a clear and logical way. https://www.peerclick.net/-explanation’ (PEE) structure to make your points, provide evidence to support them, and explain the significance of the evidence.
4. Use appropriate business terminology. This will demonstrate your understanding of the subject matter and make your answer more credible.
5. Be concise and to the point. Aim to answer the question in no more than 150 words.
6. Proofread your answer carefully before submitting it. Check for any errors in grammar, spelling, or punctuation.

Here is an example of a 6 mark business question:

Explain the importance of market research for businesses.

Answer:

Market research is the process of gathering information about customers, competitors, and the market environment. It is an essential tool for businesses of all sizes, as it helps them to make informed decisions about their products, pricing, marketing, and distribution.

There are many benefits to market research, including:

• Helping businesses to identify and understand their target market. Market research can help businesses to identify who their customers are, what their needs and wants are, and where they are located. This information can then be used to develop products and services that meet the needs of the target market.
• Helping businesses to assess the competition. Market research can help businesses to identify their competitors, their strengths and weaknesses, and their market share. This information can then be used to develop strategies to compete more effectively.
• Helping businesses to understand the market environment. Market research can help businesses to understand the economic, political, social, and technological factors that are affecting their industry. This information can then be used to make predictions about future trends and to develop strategies to respond to these trends.

Overall, market research is an essential tool for businesses of all sizes It helps businesses to make informed decisions about their products, pricing, marketing, and distribution. This can lead to increased sales, improved profitability, and a stronger competitive position.