GCSE Business Studies
What is a business ?
business are an organisations which produce goods and servers. they do this by using resources such as raw materials , labour and machines. business buy goods and services they need from suppliers they sell there own companies.
What is a customer ?
Any person or organisation which buys or is supplied with a product buy a certain type of business.
What is a supplier?
A supplier is a person who provides goods and products to company's and business to sell their merchandise to make profit.
What is a consumer ?
The person who ultermatly uses the product that he or she has purchased from somewhere or somthing.
What is market research?
The action or activity of gathering information about consumers' needs and preferences. To specify their target market.
What is primary research?
Primary research is any type of research that you go out and collect yourself. Examples include surveys, interviews, observations, and ethnographic research.
What is a secondary research
Secondary research involves the summary, collation and/or synthesis of existing research rather than primary research, where data is collected from, for example, research subjects or experiments. The term is widely used in medical research, legal research, and in market research.
What is quantitative data?
Data that can be quantified and verified, and is amenable to statistical manipulation Quantitative data defines whereas quantitative data describes.
What is a market map?
A representation of categories of current or potential customers for a good or service based on demographics, geography and other factors. A market map may also display the positioning of a product in the market, to indicate successful areas of market penetration and potential untapped areas for market expansion.
What is segment ?
Subdivion of a sector , consisting of distinct but closely linked or related elements, members or parts. See also segmentation.
Name some expensive shops.
Prada , Pandora , Breitling ,Christan Louis Button ,Gucci ,Versace , Moschino , Giorgia Armani , Harrods , Selfriges .
What does it mean by "a gap in the research"
An unmet consumers need or a group of potential custormers who are not yet purchasing a good or service. Gap in the market represents oppertunities for business to expand their custermer base by increasing awareness and creating targeted offers or advertising campanies to reach the untapped market. Identification of gaps in the market is an important step in increasing markert prepreation