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Topic 1.1. business (dynamic nature of business (why new business ideas…
Topic 1.1. business
dynamic nature of business
why new business ideas come about
change in technology
products and services becoming obselete
change in consumer wants
how new ideas come about
original ideas
adapting existing products/services/ideas
risk and reward
business failure
financial loss
lack of security
business success
profit
independence
the role of business enterprise
goods
services
meet customer needs
Adding value (selling price-valuable cost)
Quality
Design
USP
(unique selling point)
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certain designs appeal more to people
convenience
Branding
People pay alot more for the name of the product than the actual product itself
the more convenient stuff is to people the more likely they are to go
the higher the quality the more companies can charge
Role of enterprise
organise resources
Make business decisions
take risks
TOPIC 1.2 :