Chapter 1- GCSE Business Studies
Information Sheet By Nurul
1) What is a business? Business is an organisation where goods and services are exchanged for one another or for money.
2) What is a customer? Customer is person who buys good and services from shops or a business.
3) What is a supplier? Suppliers are a business which sells (or supplies) products to another business.
4) What is a consumer? A consumer is a person who ultimately uses a product.
Chapter 2- Market Research
1) What is market research? Market research is the collection and analysis of information about consumers, competitors and the effectiveness of marketing programs.
2) What is primary research? Primary research is new research carried out to answer specific issues or questions. For example you could design a survey.
3) What is secondary research? Secondary research is research that is carried out with already existing data, for example you could use books to find secondary research.
4) What is qualitative data? Qualitative data cannot be expressed as a number. Data that represent nominal scales such as gender, society economic status, religious preference are usually considered to be qualitative data.
5) What is quantitative data? Quantitative data are anything that can be expressed as a number, or quantified.
Chapter 3- Market mapping
1) What is a market map? A study of various market conditions that is plotted on a map to identify trends and corresponding variables between consumers and products.
2) What is a market segments? An identifiable group of individuals, families, businesses, or organizations, sharing one or more characteristics or needs in an otherwise homogeneous market.
3)What does it mean by a gap in the market? An unmet consumer need or a group of potential customers who are not yet purchasing a good or service.