Topic 1.1 Flashcards
1
Q
Demand
A
changes in consumer taste backed by the ability to pay
2
Q
Consumer
A
Someone who buys a product
3
Q
Product portfolio
A
List of products you make
4
Q
Entrepreneur
A
Someone who creates a business taking on financial risk with the aim of making a profit
5
Q
Mark-up
A
Increasing the price for more than you brought it for
6
Q
Values / ethics
A
Standards and behaviour of moral principle
7
Q
Added value
A
Amount by which the value of the product has risen by
8
Q
Unique selling point (USP)
A
Aspect of the business’s activity that makes it distinctive
9
Q
Branding
A
A way of the defining the business, it’s aims and values in a way that can be communicated to the customer
