factors that have contributed to the success of a business Flashcards
factors that could contribute to the success of a business
- having a clear business concept and vision
- understanding the market the business is working in
- having a USP (unique selling point)
- providing a good quality product or service
- responding to customer needs and providing good customer service
- effective marketing to increase customer awareness and brand loyalty
- effective financial management to help maximise profits
- high quality staff who can do their job efficiently and effectively
factors that have a contributed to the success of amazon
identifying a gap in the market
responding to customer needs
product range
operations
customer loyalty
offering a range of services
identifying a gap in the market
amazon were one of the first businesses to take advantage of online shopping
responding to customer needs
amazon worked to develop ways to ensure quick delivery as slow delivery time is what had put consumers off buying online
product range
amazon expanded their product range and now are selling a wide range of products which means they have a wide range of potential customers
operations
amazon have been able to make lots of profits from their operations. this has allowed them to attract investors and also invest in expensive systems that have given them an advantages over their competitors
customer loyalty
offering prime membership has helped make customer loyal. amazon have also developed a worldwide presence and have a very recognizable name
offering a range of services
amazon have provided more than just products. they offer music and film streaming along with other services
prepared answer
amazon sells a wide range of products and services which means it can meet the needs of more customers. this means more sales and profits for amazon. amazon has global presence, meaning it is known and recognized all over the world. this allows it to get more customers leading to greater sales, revenues and profits. it also has a lot of financial power meaning it has money to invest in new technology making the business more effective. this is seen, in particular, in its warehouses and delivery services
identify two fincancial and non financial factors that have contributed to the success of a business you have researched
financial
- offering low prices
- generating lots of profit from worldwide sales
non-financial
- selling wide range of products
- offering next-day and quick delivery
describe two factors that have contributed to the success of a business you have researched
financial
- amazon generates lots of revenue by selling a wide range of products and services from CDs and books to household products
non-financial
- amazon offers quick delivery options including next day delivery
explain two factors that have contributed to the success of a business you have researched
- amazon sells a wide range of products and services means it can meet the needs of more and get more customers
- amazon offers low prices so consumers know they are getting a good deal when buying products from them
analyse two factors that have contributed to the success of a business you have researched
financial
- amazon generates large amounts of revenue from its sales across the world. this gives it more capital to invest in automation and processes which allow it to provide a better service to its customers which leads to more sales and better profits
non-financial
- amazon sells a wide range of products and services and has a global presence, meaning it is known and recognized all over the world. this allows it to get more customers leading to greater sales, revenues and profits
GO THROUGH EVERY SINGLE ONE APART FROM TESCO (CUZ YOUVE ALREADY DONE THAT) AND DO YOUR OWN RESEARCH YOU LAZY GIT
