Unit 1.1 (The Dynamic Nature Of Business) Flashcards
1
Q
What is business?
A
an organization of people that sell goods or services in order to earn money
2
Q
Product VS Services?
A
A product is a physical item being sold, whereas, a service is a an experience that is paid for.
3
Q
What are the purposes of businesses?
A
- to sell goods/services
- to meet customer needs
- to add value
4
Q
What are the different ways of adding value?
A
- USP (unique selling point)
- Design
- Quality
- Branding
- Convenience
5
Q
How are business ideas generated?
A
- Changes in what consumers want
- Products and services becoming obsolete
- Changes in technology
