Unit 1 - Business
- Created by: mylesgcarey
- Created on: 25-01-14 13:26
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- Unit 1
- Business'
- What Business' do...
- Buy from suppliers - Suppliers: A Business sells products to another business
- Sells to Customers/Consumers - Consumers: A person or organization that buys a product or service - Customers: The person that uses the product.
- Things to think about before setting up a business
- Is there a business opportunity?
- How will the business be financed?
- What is required to get the business up and running?
- What legal aspects need to be considered?
- What products or services will the business provide
- Who will the business sell its product/service to?
- What Business' do...
- Consumers Needs
- Primary Research
- Focus Groups
- Surveys
- Experiments
- Questionaires
- Advantages
- More Accurate
- Up to date
- Specific to needs
- Direct customer contact
- Disadvantages
- Expensive
- Time Consuming
- Secondary Research
- Sales Data
- Internet
- Newspapers
- Market Reports
- Government stats
- Advantages
- Cheap
- Less time consuming
- Disadvantages
- General
- Could be out of date
- Might not be true information
- Primary Research
- Business'
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