the role of business entreprise

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paper 1

GCSE Business Studies

Edexcel

Enterprise and Entrepreneurship

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8 Terms

1
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the purpose of business activity

the activities that businesses engage in to produce goods or services that meet customer needs while adding value

<p>the activities that businesses engage in to produce goods or services that meet customer needs while adding value</p>
2
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primary purpose of business activity

to produce goods or service

<p>to produce goods or service</p>
3
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the ultimate goal of a business

create products meeting the needs and preferences of customers

<p>create products meeting the needs and preferences of customers</p>
4
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adding value

differentiates products from competitors

<p>differentiates products from competitors</p>
5
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5 ways of adding value

convenience

branding

quality

design

USP

<p>convenience</p><p>branding</p><p>quality</p><p>design</p><p>USP</p>
6
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branding

achieved through the use of quality materials, innovative design and marketing

allowing the firm to charge higher prices

<p>achieved through the use of quality materials, innovative design and marketing</p><p>allowing the firm to charge higher prices</p>
7
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entrepreneur

someone willing able to create new business ideas and takes risks

<p>someone willing able to create new business ideas and takes risks</p>
8
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an entrepreneurs characteristics

organising resources

make decisions

take risks

<p>organising resources</p><p>make decisions</p><p>take risks</p>