GCSE Buiseness Studies

Information sheet

Chapter 1

1. What is a business?

A business is a organisation or economic system where goods and services are exchanged for one another or for money.

2.What is a customer?

A customer is someone who buys goods or services from a shop or business.

3.What is a supplier?

A supplier is someone who supplies a particular service or products to a business.

4.What is a consumer?

A consumer is a person who ultimately uses a product.

Chapter 2

1.What is market research?

Market research is the action or activity of gathering information about consumers needs and preferences.

2.What is primary research?

Primary research is research that you carry out yourself to find out more information.

3.What is secondary research?  Secondary research is research that you carry out which is already done by other people, to find out more information.

4.What is qualitative research? Qualitative research is a method to gather in understanding of human behaviour and the reasons for specific behaviour towards a product.

5.What is quantitative research? Quantitative research is about asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you.

Chapter 3

1.What is a market map?

2.What is market segments?

3.Name some expensive shops.

4.Name some cheap shops.

5.What does it mean by 'A gap in the market'

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