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.
what are the changes in technology? (amazon)
A service is an act that a business person carries out for you in exchange for money
what are the changes in technology? (ebay)
Small businesses are now able to set up and sell virtually anything online due to websites such as eBay, etsy and ebid
what are the changes in technology? (stadia)
New technology innovation means there are lots of new products on the gaming market
what are the changes in technology? (robotics)
Advancements in robotics will mean dozens of new products in the future.
why do new business ideas come about?
Changes in what consumers want
social media wants and needs?
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.
why is there a change in trends and tastes?
Consumer tastes change over time which means that a business is at risk if they don’t keep up with current trends.
Why new business ideas come about?
Products and services becoming obsolete
what does obsolete mean?
Obsolete means a product that is no longer used or out of date
what is an obsolete service?
Some services are no longer required because of changes in technology or new inventions.
what is an original idea?
Original ideas are ones that have not been used before to put a product or service into production e.g. pet hotels
what does a gap in the market mean?
A successful business will be one that spots an opportunity to make a profit
