Answer ALL questions.
Joanne wants to set up a cosmetic store in her community and therefore needs to collect data to
determine the feasibility of this type of business.
(a)
(i)
Identify the TWO main types of research data she would need to gather in order
to establish the business.
******
(2 marks)
(ii)
State ONE source of EACH type of data identified in (a) (i).
(2 marks)
(b)
State FOUR reasons why Joanne may want to set up her own business.

Question

07-05-2024
Business

Answered

Answer ALL questions.
Joanne wants to set up a cosmetic store in her community and therefore needs to collect data to
determine the feasibility of this type of business.
(a)
(i)
Identify the TWO main types of research data she would need to gather in order
to establish the business.
******
(2 marks)
(ii)
State ONE source of EACH type of data identified in (a) (i).
(2 marks)
(b)
State FOUR reasons why Joanne may want to set up her own business.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-07T18:22:58-04:00

Joanne, who is planning to set up a cosmetic store in her community, would need to gather two main types of research data:

(i) The two main types of research data she would need are qualitative and quantitative data.

(ii) For qualitative data, Joanne could gather information from focus groups where she could engage with potential customers to understand their preferences, opinions, and needs. For quantitative data, she could collect data from market surveys or online questionnaires to gather statistical information like market size, demand trends, and buying patterns.

In addition, there are four reasons why Joanne may want to set up her own business:

1. Independence: Joanne may want to be her boss, make her decisions, and have control over her business operations without relying on others.

2. Passion: If Joanne has a passion for cosmetics or entrepreneurship, setting up her own business can allow her to pursue what she loves and turn it into a successful venture.

3. Financial Rewards: By setting up her own business, Joanne has the potential to earn more profits and financial rewards compared to being an employee.

4. Flexibility: Running her business would give Joanne the flexibility to set her work hours, make decisions quickly, and adapt to market changes efficiently.

These reasons collectively provide a strong foundation for Joanne's motivation to start her own cosmetic store and drive her business towards success.