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Business - Coggle Diagram
Business
Point of a business
Needs to fill in a need in the marketplace
Individual need vs aggregate over masses - scale
Fill the need efficiently
What about luxury brands?
Needs vs wants
Vital, essential, desirable
Appeal of the product
Blinkit
Mutually beneficial exchange
Buyer and the seller
Buyer benefits
Getting products - solutions
Having needs or wants met
Paying less compared to the value they're getting
Seller benefits
Generating revenue
Num of units sold * price
Profits is revenue - costs
Reinvested
Profit and loss = selling price - cost price
Beautician example
Business failure
Businesses that don't solve a problem
External forces like Covid
Free markets
Regulated markets