Business yr 11 term 1 SAC NOTES!!!

Business management Unit 1

Business Concept

The core idea behind a business that explains what it offers, who its customers are, what makes it unique, and how it plans to succeed.

Feasibility Study

An assessment of the practicality and potential success of a proposed project or business venture.

Market Research

The process of collecting and analyzing data about a market, including customers, competitors, and trends.

Innovation

The process of change and improvement within a business.

Value Proposition

A statement that summarizes why a customer should choose a product or service, highlighting unique benefits.

Target Market

The specific group of consumers that a business aims to reach with its products or services.

Revenue Model

The strategy by which a business intends to make revenue, including direct sales, subscriptions, and consulting.

Personal Motivations for Starting a Business

Factors like financial independence, passion, flexibility, problem-solving, and making a difference that drive individuals to become entrepreneurs.

Entrepreneurship

The process of starting and running a business to bring new ideas or products to the market.

Business Opportunity

A potential idea or venture that can be developed into a profitable business.

Goal Setting

Defining clear and measurable objectives to provide direction, focus, and motivation.

Market Conditions

The current state of a market, including demand, competition, and economic trends.

Operational Feasibility

The examination of infrastructure, personnel, and processes needed for a business to operate.