Studied by 0 people
Business enterprise
It is the process of identifying new business opportunities and then taking advantage of them.
All businesses need at least one purpose. Name 3
Make a product more convenient for customers to get or use
Improve the products design or quality
Meet customer needs- providing goods or Services that the customer want or need
Consumer
The ultimate user of the product or service provided by a business and May have paid for it
Adapting existing products
Finding new products based on the original ones. E.g- white chocolate magnum
Competitive advantage
A feature of a business that helps it to succeed against rivals
Original ideas
Ideas that have not been done before
Demand
The amount of a product consumers are prepared to buy at different prices
Obsolete
Where a product is getting fewer sales overtime
Why might new business ideas come about. Name 3
Change in customer needs/ wants
Changes in consumers wants
Becoming obsolete
The chnage in price of a product/ service
Change in technology
Gap in the market
An unmet consumer need.
Who spots a gap in the market and what do they do to spot it
An entrepreneur and market mapping
Competitive advantage
A way a company can gain a advantage over their rivals. E.g Ryan air have lost cost flights
Rewards in a business
Their company is a success
Their business makes lots of profit
Some risks a business might face
If the business makes financial loss
Failure.
And they could go into debt with other banks
Competition and how it affects a business
The company could lower their prices which means the customers would favour their business
Good customer service attracts customers and builds a good relationship with the customers therefore the customers would be more likely to spend more money
Better quality means you can upcharge the price and the customers will still buy it because if the good quality
Note 
Flashcard (32)