Unit 1 - Business

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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?
    • 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          • Could be out of date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

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