Enterprise and Business Purposes
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Vocabulary flashcards covering enterprise concepts, business purposes, and market research objectives based on the lecture notes.
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7 Terms
Enterprise
Spotting a business opportunity and taking advantage of it.
Produce goods and services
A business purpose focused on providing the products that customers buy, leading to the design of products that meet customer needs.
Market research (Needs)
Research conducted by a business to identify customer needs.
Meet customer needs
A business purpose focused on addressing customers' wants and desires.
Market research (Pricing)
Research conducted by a business to identify what prices customers would consider affordable.
Add value
A business purpose where the goal is to maximize the difference between selling price and variable costs.
Branding
A method used by businesses to add value to their products, which can allow them to charge a premium price.