business studies

information sheet


Chapter one

                                                         What is business ?

well business is the action of trading your goods for money or other goods or selling the your goods or services for money. These good maybe tangible;meaning you can touch your item or you could get  intangibles , these are called services for example window cleaner ; you pay him to provide the service which is window cleaning and not actually for the window cleaner himself .

                                                           what is a customer ?

A customer is a person who is buying the product which you are selling . or the person who is paying for the services which you are providing. Also it is useful for the seller to know what the income of the customer in a certain area is . This type of information about the customers in the area can then tell the seller where to set up his business and what type of business to start . For example the seller is not going to advertise in a place of low income because he will then know that the customers in that certain location may not be able to afford the product which he will be selling . A customer can be also refer to a consumer.Often what the seller contends to do is buy the product for a low price but sells it for a higher value to make more profits .

                                                         what is a supplier ?

A supplier is someone who is supplying the buyer with the goods  and services which they are then bought by the seller . The supplier usually sells the  tangible supplies to the buyer for cheap if the buyer buys in bulks ; meaning products been bought in large amounts for cheap . For example you will not be able to buy a box of 100 crisps as a customer but what the supplier tends to do is sell 100 crisp to the seller for a very cheap amount of money this is called buying in bulks.

Chapter 2

                                                     What is market research ?

Market research is where you research about your customer and see what the customer prefers .And you ask them all sorts of questions . By doing this you will find out what will make your product better and more appealing to the customer . for example :

  • What features the customer likes ?
  • what opinions they have on the products
  • what they feel about the product
  • what colors would the customer prefer the product to be

                                         What is primary research ?

Primary research is when you have went out and done some research your self and not taken form other resources or search engines . primary research can be presented in many forms such as in pie charts , bar chats , and data . The best way to collect primary  research data is to ask quantitative questions . for example what does the product make you feel ?. this is much more helpful as to that you have done research yourself and it is much more reliable and much more accurate .

                                               What is secondary research ?

Secondary research is when you have used other resources and other search engines . Secondary research is very useful and using the internet can be a form of secondary research ; using websites such as BBC , Wikipedia and many more .

                                                   what is qualitative data ?

Qualitative data is when you find out what the people of a focus group (which you can easily set up with just a few people)and you ask the people in your focus group how they feel about the product rather than finding out how many males or females use the product . Because rather than finding out how many males or females use the product it is much more useful to find out their views on the product and this will help you improve the product and get more sales.

                                                What is quantitative data ?

Quantitative data is when you ask questions such as how boys prefer the product as to females or how many people use this product in this are than this area . This will help the seller decide where to set up his business and what gender to target his products at . This is very useful in business because it can help the business man decide where to base his business so that he can benefit the most and make a profit .

chapter three

                                     What is market mapping ?

Market mapping is when you categorize products to see where their is a gap in the market industry so you can then launch your product . This is useful because doing a market map can easily show you where there is a gap for example it is split in to 4 sections high, low quality and high and low coast . for example linedor

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