Symptoms
Assume that you are using Microsoft SQL Server Management Studio 2014 (SSMS 2014). When you deploy a database to an Azure SQL V12 database or you import a data-tier application, the Azure Edition drop-down list in SSMS 2014 lists the Web and Business editions as valid options. These two editions are deprecated and should not be displayed when you connect to an instance of Azure SQL V12.
Resolution
The issue was first fixed in the following cumulative update of SQL Server.
Cumulative Update 1 for SQL Server 2014 SP1 /en-us/help/3067839
Each new cumulative update for SQL Server contains all the hotfixes and all the security fixes that were included with the previous cumulative update. Check out the latest cumulative updates for SQL Server:
Status
Microsoft has confirmed that this is a problem in the Microsoft products that are listed in the "Applies to" section.