1.1.1 Flashcards
what is a product
A product is anything that is capable of satisfying customer needs
what is a service?
A service is an act that a business person carries out for you in exchange for money, for example:
amazon
since the invention of the Internet in 1990 businesses have found a new cheaper way to reach the consumer, by selling online
ebay
Small businesses are now able to set up and sell virtually anything online due to websites such as eBay,
stadia
New technology innovation means there are lots of new products on the gaming market
robotic
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?
social median
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
ready meals
We are all working more and have less time, so the ready meal market is catering to these consumer needs
free from foods
Consumers are also demanding organic, free range, sustainable, eco friendly products as we become more aware of our impact on the environment
He invented it to keep the page open in his hymn book
solve problems
A successful business will be one that spots an opportunity to make a profit
gap in the market
