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Business GCSE > 1.Enterprise And Entrepreneurship > Flashcards

1.Enterprise And Entrepreneurship Flashcards

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1
Q

What is one reason why new business ideas come about?

A

Changes in customer wants
Changes in technology
Products and services becoming obsolete
Either one of these is 1 point

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2
Q

How do new business ideas come about?

A

Adapting existing products or Original ideas

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3
Q

What is a reward

A

If a business succeeds there may be a big financial or emotional reward

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4
Q

What is a risk?

A

A business may not succeed for a number of reasons.Starting a business is risky

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5
Q

What are the Risks entrepreneurs face when starting a business?

A

Risk of failure
Financial loss
Lack of security

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6
Q

What are the rewards from starting a business?

A

Financial reward
Pursuing an interest
Be their own boss

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7
Q

What are goods?

A

Goods are physical products such as a PlayStation console or coca cola soft drinks

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8
Q

What are services?

A

Services are non physical actions performed by a business to help a customer

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9
Q

What is B2B and B2C

A

Business to business(B2B)
Business to Customer(B2C)

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10
Q

What are customer needs?

A

Things that customers can’t live without

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11
Q

What are customer wants?

A

Products and services that customers don’t need but they want

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12
Q

What is Quality?

A

The durability,finish,nature of the product may be better than what is currently being offered

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13
Q

What is branding?

A

Branding involves coming how with distinctive logo/image that adds value to the customer

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14
Q

What are roles of an entrepreneur?

A

Hardworking
Organized
Innovative
Willingness to take risks

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15
Q

What are 4 things a business does to address customer needs

A

Price
Quality
Choice
Convenience

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16
Q

Why is being market driven better than being product driven?

A

As market-driven is being driven by customers needs and fulfilling them
-improves sales
-improves current products and customer satisfaction

17
Q

How to approach being market driven?

A

Avoid costly mistakes
Be competitive

18
Q

How to approach being market driven?

A

Avoid costly mistakes
Be competitive

19
Q

What are 3 things that market research gathers information on?

A

Demand
Competition
Target market

20
Q

What are the two types of research and what are they?

A

Qualitative-collects info about opinions and views
Quantitative-collects factual info on things that can be recorded easily

21
Q

What is Market segmentation?

A

Diving potential customers into different groups based on characteristics like age,gender,income etc.

22
Q

What is Market Mapping?

A

Process to identify a gap in the market by looking at what competitors offer

23
Q

What are the 4 methods of market segmentation?

A

Gender
Age
Location
Income

24
Q

What are 3 things the market can be defined as?

A

Place to trade products
Industry
Specific group of customers

25
Q

What are 4 things a business can compete on?

A

Location
Product range
Customer service
Price

26
Q

What are the impacts of high competition?

A

Price-forces business to be efficient and charge the lowest possible prices
Quality-competition can lead to high quality products/services

Business GCSE (1 decks)

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