Business 5.0 / 5 based on 2 ratings ? Business StudiesUnit 1GCSEEdexcel Created by: kcford15Created on: 09-05-14 16:10 What is a business? An organisation whose purpose is to produce goods and services to meet the needs to customers. 1 of 12 What is a supplier? A business that sells products to another business. 2 of 12 What is a customer? A person or organisation that buys the product or service. 3 of 12 What is a consumer? The person that uses the product. 4 of 12 What is primary research? Collecting data that did not exist before. 5 of 12 What is secondary research? Collecting data that already exists. 6 of 12 What is qualitative data? Information about opinions, judgements and attitudes. 7 of 12 What is quantitative data? Data that can be expressed as numbers and statistically analysed. 8 of 12 How does market mapping help businesses? They help businesses to identify market segments and position their products through identifying gaps in the markets. 9 of 12 What is a brand? A brand is a named product that customers see as being different from other products, and that they can associate or identify with. 10 of 12 What are the 4 taxes on small businesses? Value added tax, income tax, national insurance contribution, corporation tax. 11 of 12 What is income tax? A tax on the income earned by workers and sole traders. 12 of 12
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