definitions 1.1 Flashcards
adapting existing products def
finding new products based on the original one
Dynamic nature of the business def
the idea that business is ever changing because external factors, such as tech, are always changing
business failure def
the collapse of a business probably leading to it’s closure
lack of financial security def
uncertainty for the business owner about day to day family income
risk and reward def
the balance between the worst that can happen and the best that can happen
independence def
the need by many business owners to make their own decisions and be their own boss
usp def
an original feature of a product that rivals aren’t offering
branding def
giving a product or service personality with a name and logo
risk taking def
making decisions where unknown factors or chances of failure loom large in the decision makers mind
resources def
things or people that can be used to help build and run the business
human resources def
a term used by organisations that simply means employees
business decisions def
choices that have to be made usually within a short time period
entrepreneurs def
business people who see opportunities and are willing to take risks in making them happen
demand def
the number of units that customers want
original ideas def
ideas that have not been done before
competitive advantage def
a feature of a business that helps it to succeed against rivals
goods def
products that may be fresh
services def
providing useful ways to help people live their lives
customer wants def
what people chose to spend their money on, once the weekly bills have been paid
customer needs def
the products or services people need to make life comfortable
added value def
the difference between the selling price and the cost of bought in goods
obsolete def
the product is no longer used because it is outdated or has been replaced
