chapter1 Flashcards
what is adding value
it is the difference selling ———- andcost of———– used to ———
how does pofit of business increase
it increase when it increase added value without increasing cost
what are the ways that a business can add value to a product
branding
excelent quality service
product features
convinience
how branding adds value
help promote a ——— to——– customers
able to change prices than their competitors
people feel satisfied when they buy from a branded business
how does convinience add value
cosumer lead busy lives and they are prepared to pay higher price
example ready made meals
how does product features add value
products that have more feay=tures and function than simillar products on the market will allow the producers to chare higher price
how does excellent servicde aquality increase added value
the cost of the material used will be very similar buut the personalised service increases added value
who is an enturprenure
a person who takes risk and manage the other 4 factors of production
. person who comes to the market with new idea
. person who is responsible and make desiciaons
, person who accept faliure
what are the features of a succesful enterpruner
innovative self motivated self confident multi skilled initaitive risk taker good at networking result driven leadership quality
key term for innovative
idea for a new product
key term for self motivated
has the drive to keep ging even if it gets difficult
key term for self confident
belive in them ]selves on there ability and idea
key term for multi skilled
has the knowledge about the 4 factors of business
what are the 4 factors of business
hr
finance
operation
marketing
key term for leadership quality
drive to motivate others
