Business Studies

What is Primary Research?

• Primary Research involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
• Primary Research involves gathering existing data that has already been produced. For example, researching newspapers
• Primary Research involves gathering existing data that has already been produced. For example, researching the internet
• Primary Research involves gathering existing data that has already been produced. For example, researching company reports.

What is Secondary Research?

• involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
• involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.

How can a business reduce the risk of failure?

• By selling less products
• By keeping the cost of their products low
• By carrying out market research
• By staying open late.

In order to be successful a business needs to?

• Identify its customers needs and wants
• Have a big shop
• Sell products really cheap
• Have lots of sales

What is an entrepreneur?

• Someone who takes a calculated risk through starting a business
• Someone who gives up when something goes wrong
• Someone who doe not understand the business environment
• Someone who does not take time to consider the risks

What is meant by 'adding value'?

• The money a company invests into a new product
• the difference between the price of the finished product/service and the cost of the inputs involved in making it.

What are the main categories of market segmentation?

• Location, Demographics and Income
• Where they go to school

What is Quantitative data?

• Data that is normally numerical
• Based on opinions, attitudes and beliefs.

what is Qualitative Data

• Data that is normally numerical
• Based on opinions, attitudes and beliefs.

What are the 4 p's of marketing?

• price, product, promotion, place
• price, person, promotion, place
• place, perspective, promotion, place