1.Enterprise And Entrepreneurship

Question 1

What is one reason why new business ideas come about?

Answer 1

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

Question 2

How do new business ideas come about?

Answer 2

Adapting existing products or Original ideas

Question 3

What is a reward

Answer 3

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

Question 4

What is a risk?

Answer 4

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

Question 5

What are the Risks entrepreneurs face when starting a business?

Answer 5

Risk of failure
Financial loss
Lack of security

Question 6

What are the rewards from starting a business?

Answer 6

Financial reward
Pursuing an interest
Be their own boss

Question 7

What are goods?

Answer 7

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

Question 8

What are services?

Answer 8

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

Question 9

What is B2B and B2C

Answer 9

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

Question 10

What are customer needs?

Answer 10

Things that customers can’t live without

Question 11

What are customer wants?

Answer 11

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

Question 12

What is Quality?

Answer 12

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

Question 13

What is branding?

Answer 13

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

Question 14

What are roles of an entrepreneur?

Answer 14

Hardworking
Organized
Innovative
Willingness to take risks

Question 15

What are 4 things a business does to address customer needs

Answer 15

Price
Quality
Choice
Convenience

Question 16

Why is being market driven better than being product driven?

Answer 16

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

Question 17

How to approach being market driven?

Answer 17

Avoid costly mistakes
Be competitive

Question 18

How to approach being market driven?

Answer 18

Avoid costly mistakes
Be competitive

Question 19

What are 3 things that market research gathers information on?

Answer 19

Demand
Competition
Target market

Question 20

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

Answer 20

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

Question 21

What is Market segmentation?

Answer 21

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

Question 22

What is Market Mapping?

Answer 22

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

Question 23

What are the 4 methods of market segmentation?

Answer 23

Gender
Age
Location
Income

Question 24

What are 3 things the market can be defined as?

Answer 24

Place to trade products
Industry
Specific group of customers

Question 25

What are 4 things a business can compete on?

Answer 25

Location
Product range
Customer service
Price

Question 26

What are the impacts of high competition?

Answer 26

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