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Case 4: Not all that Glitters is Gold

Chappy, a youth from rural Jamaica, travelled to Guyana in the hope of finding windows of opportunity
to earn a livelihood. On arrival, he met with an elder Guyanese who lived in the jungle where the ‘black
water’ flows; the elder invited him to accompany him home, as he thought Chappy reminded him of his
grandson, Pasha. While on their way, Chappy noticed a river and asked the elder if that was the ‘Black
Water’ river. The elder confirmed that it was. Chappy asked that they should stop for a drink. Chappy DO NOT WRITE IN THIS AREA
noticed that the water had a rich golden colour, and remarked “but this is not black water it is golden
water, we could make a fortune selling this”. The elder smiled as he remembered that as a child there
was a legend that the ‘black water’ possessed healing power; when one drank the water, the skin gave
off a golden hue. Chappy became more excited and convinced that this was the golden opportunity that
he was waiting for. However, the experienced elder asked, “Is this feasible? How would you market it?
Is there a marketing plan? What would be your business model? Will you develop a business plan?”
Chappy asked the elder, “How do you know about these things? I never thought that I would have to do
so much.” The elder replied, “Experience teaches wisdom.” These were the same questions which the
elder’s grandson, Dr Pasha, a professor in entrepreneurship at the University of Guyana asked Chappy
when he first came up with the idea of the ‘Golden Water’.

4. (a) State ONE purpose of conducting a market research.

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[2 marks]

(b) Identify FOUR key elements of a market research.

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[4 marks]

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