Theme 1 - Enterprise and Entrepreneurship Flashcards
What are goods
a physical product that can be touched
what is a service
an intangible product - hairdressing
dynamic market
a market that is constantly changing
sur to factors such as technology or changes in customer needs
obsolete
out of date or not used anymore
enterprise
the formation of a new business bringing together factors of production or development of a new good or service
entrepreneur
someone who creates a business taking financial risks with the aim of making profit for a business
differentiation
adapting an existing product to stand out form competition
competition advantage
an advantage over competition
could be achieved using USP that makes it stand out against competitors and attracted customers
consumer
end user who buys the food or service for own use
customer
can buy for themself or re sale
reasons why new business ideas come out
changes in technology
changes in what consumers want
products or services becoming obsolete
two ways new business ideas come out
original ideas
adapting existing products
3 business risk
business failure
financial loss
lack of security
3 reward for a business
business success
profit
independence
5 ways to add value
convenience
branding
quality
design
USP
