Please enable JavaScript.

Coggle requires JavaScript to display documents.

B1 (0.1.1, 0.1.3, 0.1.2) - Coggle Diagram

- - - - changes in technology
      - changes in consumer tastes
      - outdated goods and services
- - - - Creates an image that differentiates itself from competitors and makes it easily recognisable by consumers
    - - High quality -> high price
    - - Unique design differentiates product from competitors, consumers willing to pay higher price
    - - Consumers willing to pay to save time
    - - Characteristic or feature that makes the product unique, customers willing to pay for the differences
  - - - capital- man made resources
      - land- Natural resources
      - labour- human input, skills or qualifications
      - enterprise- Skills and characteristics to manage the other three factors
- - - - business failure
      - financial loss
      - lack of security
    - - lack of market knowledge ( not enough market research)
      - lack of start up funds
      - poor decision making
      - goods or services not meeting customer needs
      - competition