1.1.3 The Role of Business Enterprise

Question 1

what are the 5 purposes business’ can have

Answer 1

1. producing goods
2. supplying services
3. distributing products
4. fulfilling a business opportunity
5. providing a good or serivce to help others

Question 2

what are the 4 reasons to start a business

Answer 2

land, labour, capital, enterprise

Question 3

5 examples of businesses add value to there products

Answer 3

convenience, branding, quality, design, USPs

Question 4

convenience meaning

Answer 4

selling a product that makes it easier for the customer

Question 5

branding meaning

Answer 5

creating industry for the business that distinguishes it from other businesses

Question 6

quality meaning

Answer 6

creating a product that meets customers expectations

Question 7

design meaning

Answer 7

creating a product that is functional, aestheticly pleasing and that is cost effective

Question 8

USP (unique selling point) meaning

Answer 8

creating a feature making it stand out, different products and features

Question 9

what risks might there be

Answer 9

might given up paid employment, use there personal saving, put there reputation at stake, possessions might be at risk