1.1.3 The role of business enterprise and the purpose of business activity

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  • The Role of Business Enterprise and the Purpose of business activity
    • To produce goods or services
      • Land - somewhere to produce the goods
      • Labour - people to work in the business
      • Capital - money to get the business started
      • Enterprise - this is the drive or motivation from the owners to start a business
    • To meet customer needs
      • Fast, efficient and accurate service
      • High quality products at a competitive price
      • Friendly, helpful service staff to provide information and answer questions
      • Prompt responses to their inquiries, whether online, by phone or in person.
      • Sufficient stock to meet their needs without long waits
      • Trained staff that can handle their questions without referring them on
      • A clean shop or easy to navigate website.
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    • To add value
      • Added value - the difference between what a business pays its suppliers and the price it is able to charge for its product or service
      • Ways to add value
        • Branding
          • Nike
        • Design
          • Dyson
        • Unique Selling Point
          • M&Ms
        • Quality
          • Hotel Chocolat
        • Convenience
          • Breakfast Bars

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