theme 1-page 9 Flashcards
give 2 reasons how technology can improve products
make products cheaper
make products convenient
give three ways consumer needs can change
change in fashion
change in economy
change in lifestyle/demographics
how can new business ideas come about?
businesses can adapt products,can make inventions
name 3 risks of starting a business
business failure
financial loss
lack of security
name 3 rewards of starting a business
business success
profit
independance
how can businesses add value to products
branding
usp
convenience
quality
how do entrepreneurs benefit the economy
pay tax
create jobs
create goods and services
how can a business meet customer needs
price-charging a lower price
choice-having a range
convenience-e.g delivery
quality-e.g highest grade of silk
what is the purpose of market research?
understand competitors
know about trends
identify gaps in the market
give examples of primary research
focus groups
surveys
social media
give examples of secondary research
internet
sales data
government reports
what are the benefits of primary research?
more up to date
more accurate
specific to needs
what are the benefits of secondary research
less expensive than primary
less time consuming
