business

Question 1

why do new business ideas come about

Answer 1

products become obsolete,
advancement in technology/trends,
a gap in the market,
an existing product can be adapted,
consumer demand,
orginal ideas,

Question 2

ways new ideas come about

Answer 2

consumer demand,
gap in market,
orginal idea.

Question 3

3 risks for entrepreneurs

Answer 3

business failure,
financial loss,
lack of security,
no knowledge or research made.

Question 4

3 rewards for entrepreneurs

Answer 4

customer satisfaction,
independence,
personal satisfaction,
making profit.

Question 5

a purpose of a business

Answer 5

to produce goods or services
to meet customer needs
to add value

Question 6

how to add value to a product

Answer 6

branding ,
convenience,
quality and design,
USP (unique selling points)

Question 7

what motivates an entrepreneur

Answer 7

independence
profit
business success

Question 8

customer needs :

Answer 8

4 main customer needs that they must consider: price,
quality,
choice,
convienience

Question 9

the purpose of market research?

Answer 9

to gather of accurate information about three key influences on a business’s success.

Question 10

what is a SWOT analysis

Answer 10

Strength, Weakness,Opportunities and Threats

Question 11

what is a USP

Answer 11

unique selling point