GCSE Business Studies

Information Sheet

Chapter 1:

What is a business?

Businesses are administrations which creates goods and services. They do this by using possessions for instance: raw resources, labor and machines.

What is a customer?

A customer is someone who buys goods/services in return for money.

What is a supplier?

A supplier is a type of business which sells their products to other companies to make money.

What is a consumer?

A consumer is someone who uses a product, which is purchases from a business, in exchange for money.

Chapter 2:

What is market research?

Market research is the act of collecting information about the consumers' requires and preferences.

What is primary research? (Give some examples)

Primary research is when you independently gather any kind of research yourself. For example: interviews, surveys, observations.

What is secondary research? (Give some examples)

Secondary research is when you use someone else's ideas to help you start of your business and to make their business popular. For example: reports, newspapers, internet.

What is qualitative data?

Qualitative data is a technique of analysing many different intellectual developments within the society and it's also an understanding of human behaviour with the reasons behind it.

What is quantitative data?

Quantitative data is when you ask people for what they think about the products you want to produce using solid facts and statistics to support you. In order to get dependable results, its vital to allow people to be part of a survey and to be sure that they are represented as a sample of your target market. 

Chapter 3-Market mapping

What is a market map?

What is market segments? (Give some examples)

Name some expensive shops:

Name some cheap shops:

What does it mean by a "gap in the market"?

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