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Theme 1 Revision - Coggle Diagram

- - - - Benefits
        
        You can improve the business
        
        You can understand customers
        
        You can understand the market
      - Types
        
        Primary
        
        Research conducted first hand
        
        You can ask specific questions.
        
        Customers can give you their personal opinions.
        
        Up to date information.
        
        Relevant information.
        
        Drawbacks
        
        Expensive
        
        Unable to speak to everyone
        
        Takes time.
        
        May have to use a small sample.
        
        Secondary
        
        When a company uses research that has been carried out by other people
        
        Benefits
        
        Don’t have to waste time and energy.
        
        Cheaper.
        
        Done quickly.
        
        Able to look at larger sample size.
        
        Instantly available.
        
        Drawbacks
        
        Won’t have opinions of people in your area.
        
        Data could be out of date.
        
        Won’t be personalized.
  - - - The 4 customer needs
        
        Quality
        
        Choice
        
        Price
        
        Convenience
- - - - Reasons new products become made : products become obsolete; changes in tech; changes in customer wants
      - Businesses might either create a new idea or adapt an existing idea
  - - - Financial Loss
        
        An owner may lose the money they invested and even more (such as personal belongings.)
      - Business Failure
        
        This could occur if there is poor cashflow or drop in sales.
      - Lack of Security
        
        Being your own boss doesn't guarantee sick pay, income or holidays
      - Rewards
        
        Business Success
        
        Profit
        
        Indepence
  - - - Types of things businesses sell
        
        Goods
        
        Things that can be bought to be used
        
        Services
        
        Things that can be provided for someone to do for you (e.g. Hairdresser)
      - Adding value
        
        The difference between the selling price and the cost to produce it.
      - Unique Selling Points (USP's)
        
        Businesses promote these to attract customers
        
        These might help them survive or make more sales.
      - Entrepreneurs
        
        People who make a business