1.1.3 The role of business enterprise

Question 1

Purpose – to meet
customer needs

Answer 1

Some of the most common and basic expectations customers have for most
businesses include:

Fast, efficient and accurate service
High quality products at a competitive price
Friendly, helpful service staff to provide information and answer questions
Prompt responses to their inquiries, whether online, by phone or in person
Sufficient stock to meet their needs without long waits
A trained staff that can handle their questions without referring them on
A clean shop or easy to navigate website

Question 2

Purpose – to add value

Answer 2

Added value – the difference between what a business pays
its suppliers, and the price it is able to charge for its product
or service