Topic 1.1 Flashcards
Why do new business ideas come about
Products becoming obsolete
Change in consumer needs
Change in technology
How do new business ideas come about
Original ideas
Adaptation of already exsisting products/service/idea
Potential rewards of business success
Financial gain
Independence
Security
Sense of fulfilment
Potential risks of business failure
Financial loss
lack of security
How do you structure a 3 mark question
BLT
What is the difference between a service and a good
A good (food, book) is tangible and a service is intangible (barber, transportation)
What is the purpose of a business
To provide goods and services
To meet customers’ needs
To add value
How can you add value to their service/good
Good design
Convenience and speed
Customer service
Quality
Packaging
Brand name
Aesthetics
Why does adding value matter
More profit
Brand reputation
Increased perceived value of the product
Differs to your competitors products
What does dynamic mean
Ever changing
How do you approach a 6 mark discuss question
5 developed strands and 1 or 2 points to answer the question
What is the role of an entrepreneur
Organise resources
Make business decisions
Take risks
