1.1.1

Question 1

What is a product?

Answer 1

A product is anything that is capable of satisfying customer needs.

Question 2

What is a service

Answer 2

A service is an act that a
business person carries
out for you in exchange
for money

Question 3

Changes in technology: Amazon

Answer 3

Since the invention of the
Internet in 1990 businesses
have found a new cheaper
way to reach the consumer,
by selling online.

This is called e-commerce

Question 4

Changes in technology: eBay

Answer 4

Small businesses are now
able to set up and sell
virtually anything online due
to websites such as eBay,
etsy and ebid

Question 5

Changes in technology: Stadia

Answer 5

New technology innovation
means there are lots of new
products on the gaming
market

Question 6

Changes in technology: Robotics

Answer 6

Advancements in robotics will mean dozens of new
products in the future. Can you think of any task in
your day that could be completed by a robot?

Question 7

Wants and needs: Social media

Answer 7

Businesses can use social media to find out what consumers
want and need so that they can produce products and
services to meet those wants and needs

Question 8

Wants and needs: Social media

Answer 8

Businesses can use social media to find out what consumers
want and need so that they can produce products and
services to meet those wants and needs

Question 9

Wants and needs: ready meals

Answer 9

We are all working more and have less time, so the
ready meal market is catering to these consumer
needs

Question 10

Wants and needs: “Free from”

Answer 10

Consumers are also
demanding organic, free
range, sustainable, eco
friendly products as we
become more aware of our
impact on the environment