（a）Explain four ways market research information can help a business． Way 1： . . . Way 2： . . . Way 3： . . . Way 4： . . .

Award 1 mark for each way market research information can help a business (max 4).
Award a maximum of 1 additional mark for each explanation of the way.
There are no application marks for this question.
Relevant ways might include:
- Helps identify the target market - so can advertise more effectively to this market
- Helps to find a gap in the market - so the business can develop a new product to increase sales
- Helps identify where consumers purchase products - so can use the most effective distribution channel
- Helps identify the price customers are willing to pay - so know the most effective pricing strategy to use
- Helps identify which promotional methods consumers are attracted to so can use these to increase sales
- Helps identify which products do not meet consumers' needs - so can stop producing these products
- Helps identify competitors - so that they know the best way to compete with them
- Helps identify change in customer preferences/tastes/market trends
- Helps identify customer needs
- Helps to sell into a new market

For example: Helps to find a gap in the market (1) so the business can develop a new product that meets customer needs (1).