buisness Flashcards
1
Q
Product
A
A product is anything that is capable of satisfying customer needs
2
Q
Service
A
A service is an act that a business person carries out for you in exchange for money, You cannot “touch” a service it is “intangible”
3
Q
intangible
A
You cannot “touch”
4
Q
Risks of business activity
A
business failure, financial loss, lack of security
5
Q
Rewards of business activity
A
business success, profit, independence
6
Q
10 main reasons business fails
A
Bad management, Lack of experience, poor financial control, bad marketing, failure to develop a strategic plan, uncontrolled growth, poor location, improper inventory control, incorrect pricing, no change in mentality to business boss.
7
Q
A
