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, such as Heinz Baked Beans
4
Q
Services
A
Providing useful ways to help people live their lives, for example shops, restaurants
and hospitals
5
Q
Adding Value
A
The ability to charge more
6
Q
Value Added=
A
Selling Price - Production Cost
7
Q
6 Ways to Add Value
A
- Convenience
- Branding
- USP
- Design
- Quality
- Customer Service
8
Q
What do Entrepreneurs do?
A
-Manage Resources
-Take Risks
-Make Decisions
