Business

Question 1

What is a product

Answer 1

A product is anything that is capable of satisfying customer needs

Question 2

What is a service

Answer 2

A service is an act that a business person carries out for you in exchange for money

Question 3

What does obsolete mean

Answer 3

Obsolete means a product that is no longer used or out of date

Question 4

Original ideas

Answer 4

Original ideas are ones that have not been used before to put a product or service into production e.g. pet hotels

Question 5

Amazon change in technology

Answer 5

Since the invention of the Internet in 1990 businesses have found a new cheaper way to reach the consumer, by selling online

Question 6

Changes in technology ebay

Answer 6

Small businesses are now able to set up and sell virtually anything online due to websites such as eBay, etsy and ebid

Question 7

CHANGES IN TECHNOLOGY STADIA

Answer 7

Small businesses are now able to set up and sell virtually anything online due to websites such as eBay, etsy and ebid

Question 8

Changes in technology Robotics

Answer 8

Advancements in robotics will mean dozens of new products in the future.

Question 9

Wants and needs social media

Answer 9

Businesses can use social media to find out what consumers want and need so that they can produce products and services to meet those wants and needs

Question 10

Wants and needs ready meal

Answer 10

We are all working more and have less time, so the ready meal market is catering to these consumer needs

Question 11

Wants and needs free from food

Answer 11

Consumers are also demanding organic, free range, sustainable, eco friendly products as we become more aware of our impact on the environment

Question 12

Changes in tastes and change

Answer 12

Consumer tastes change over time which means that a business is at risk if they don’t keep up with current trends.

Question 13

Obsolete Service

Answer 13

Some services are no longer required because of changes in technology or new inventions

Question 14

Original Ideas gap in the market

Answer 14

The entrepreneur may also spot an opportunity to trade and also make a difference to society – this is called a social enterprise

Question 15

Original ideas carried out research

Answer 15

Vet Joe Inglis and 7 friends realised that there were 8.5 million dogs in the UK and 4 out of 5 owners treat the pet as one of the family and want the best food possible

Question 16

Adapting existing ideas

Answer 16

A business could create a new product by:

Mix and match
New version of an old product
Cheaper version of an old product