1.1.3 The Role of Business Enterprise Flashcards
1
Q
Customer needs:
A
the products or services
people need to make life comfortable.
2
Q
Customer wants:
A
what people choose to spend
their money on, once the weekly bills have been
paid.
3
Q
Goods:
A
products that may be fresh, such as
apples, or manufactured,
4
Q
Services:
A
providing useful ways to help people
live their lives, for example shops, restaurants
and hospitals.
5
Q
Branding:
A
giving a product or service
‘personality’, with a name and logo that makes
it stand out.
6
Q
Unique selling point (USP):
A
an original feature
of a product that rivals aren’t offering.
7
Q
Value added:
A
the difference between the
selling price and the cost of bought-in goods
and services (the difference that creates the
possibility of profi t).
