Unit 7 Business Decision Making BTEC –
Complete Learning Outcomes A, B, F and G
Explained 2026
Why may new business ideas come about? - ANSWER ✔✨---- A gap in the market
- Current trends
- Changes in the economic climate
- Competition forcing diversification
What are primary and secondary sources of data? - ANSWER ✔✨---Primary: Data the business
collects themselves
Secondary: Data the business uses that has been collected by someone other than the business
What is the macro and micro environment of a business? - ANSWER ✔✨---Macro: The larger
environment outside the business
Micro: The smaller environment inside the business
What two models can be used to identify business strengths and challenges? - ANSWER ✔✨---
PESTLE and SWOT
Complete Learning Outcomes A, B, F and G
Explained 2026
Why may new business ideas come about? - ANSWER ✔✨---- A gap in the market
- Current trends
- Changes in the economic climate
- Competition forcing diversification
What are primary and secondary sources of data? - ANSWER ✔✨---Primary: Data the business
collects themselves
Secondary: Data the business uses that has been collected by someone other than the business
What is the macro and micro environment of a business? - ANSWER ✔✨---Macro: The larger
environment outside the business
Micro: The smaller environment inside the business
What two models can be used to identify business strengths and challenges? - ANSWER ✔✨---
PESTLE and SWOT
