Business Activity (WJEC)

Competitive Environment

Competitive Environment

A business landscape where multiple businesses offer similar goods or services, leading to consumer choice and price competition.

Unique Selling Point (USP)

A feature or benefit of a product that makes it stand out from competitors, often justifying a higher price.

Market

A place where buyers and sellers come together to exchange goods or services; can also refer to the category of products available.

Competitiveness

The level of competition in a market, influenced by the number of sellers and the presence of large businesses.

Dynamic Business Environment

A constantly changing business landscape that requires businesses to adapt to remain competitive.

E-commerce

The buying and selling of goods and services over the internet, significantly impacting business operations.

M-commerce

Mobile commerce, which involves conducting commercial transactions via mobile devices like smartphones and tablets.

Consumer Needs and Wants

Needs are essential for survival (e.g., food, water), while wants are non-essential desires (e.g., luxury items).

Business Opportunity

A chance for a business to provide goods or services that satisfy consumer needs or wants, often identified through market research.

Local Scale Business

A small business operating within a limited geographic area, often with fewer resources and a simpler ownership structure.

National Scale Business

A business that operates across an entire country, often with multiple locations and a more complex management structure.

Global Scale Business

A business that operates internationally, selling products and services across multiple countries and often facing more complex challenges.

Revenue vs

Revenue is the total income from sales, while profit is the income remaining after all costs are deducted.

Market Research

The process of gathering information about consumers' needs and preferences to identify business opportunities.

Proactive Business

A business that actively seeks to create change and innovate, often investing in research and development.

Economic Factors

Elements such as consumer income, unemployment, and interest rates that can influence business operations and profitability.

Technological Factors

Innovations and advancements that can affect production processes and business communication.

Environmental Factors

Considerations related to sustainability, resource sourcing, and pollution that impact business practices.

Political Factors

Regulations and policies that can affect how businesses operate within a market.

Competitive Strategy

The approach a business takes to differentiate itself from competitors and attract customers.