GCSE Business Studies
What is business?
Business are organisations which produce goods and services. They do this by using resources such as as raw materials, labour and machines. Businesses buy the goods and services they need from suppliers. They sell their own products to customers.
What is a customer?
A customer is any person or organisation which buys or is supplied with a product by a business.
What is a supplier?
A supplier is a business which sells or supplies different types of products to another business. It is business that supplies a particular service, product or commodity to different businesses.
What is a consumer?
A consumer is a person who uses or consumes a product bought from a business. They buy goods and services in exchange for money. They purchase goods and services for their own personal use.
What is market research?
Market research is the action of gathering information and consumers and customers needs and preferences. This helps businesses find out what their product or service will provide and how the customers and consumers will like it. For e.g. a market map
What is primary research? give examples
Primary research is information or new research carried out to answer specific issues or questions. For e.g. It can involve questionnaires, surveys or interviews with individuals or small groups
What is secondary research? give example
Secondary research is research that involves the summary, collation and/or synthesis of existing research rather than primary research where data is collected from. The research already exists and you are then using the research to find out more.
What is qualitative data?
Qualitative data is a method of collecting data which is concerned with describing meaning, rather than with drawing statistical inferences. For e.g. in market research you can ask questions about the customers feelings, to get answers in words rather than counting answers in numbers.
What is quantitative data?
Quantitative data is data that can be measure numerically. For e.g. in market research, if you were doing questionnaires about different types of fruits, you could ask: how many people like grapefruit? and that would give an answer which you could count and see who does like grapefruit.
Chapter 3: Market Mapping
What is a market map:
What is market segments? give examples
What are the names of some expensive shops? give examples
What are the names of some cheap shops? give examples
What does it mean by "a gap in the market"?