Enterprise

Enterprises

An enterprise is a willingness to take risks, and show initiative in order to establish new business ventures.

taking risks --> showing initiative --> undertaking new ventures

An entrepreneur is a person who has a business idea. They then go onto develop the idea and organise the resources to see the idea through.

A consumer is someone who buys/uses goods and services.

a customer is someone who you supply goods to in exchange for money.

Products and services 

A product  is a tangible item, that you can phsically buy and use 

Like clothes or food 

A service is something that you experience. A service requires specialist skills and you normally cannot complete the service yourself.

Like police or transport

Reasons for business start up

• make more money
• change or challenge 
• want to be your own boss 
• as a sideline to existing job 
• thinking that you can do something better or cheaper yourself 
• to make use of resources you already have 
• need to follow trends
• gap in the market
• using specific training 
• turning hobbies into a business 

market orientation  is providing products that customers want

routine purchases 

everyday purchases which require little to no thought.

like bread and milk 

limited decision purchases 

less routine, involving a little more thought

like takeaway and chocolate

extensive decision purchases

purchases requiring alot more thought

like a tv or a matress

impulsive purchases 

purchases that are spur of the moment

like a drink

market research can be done in 2 ways:

• primary (person)
• secondary (statistics)

desk research involves using information that has already been collected

sources of research:

• government statistics 
• market research
• newspaper
• the internet

Knowledge of:

• competition 
• prices
• parking

customer needs are the wants and desires of buyers of a product or customers of a business.

customer needs:

• reliability 
• quality 
• speed 
• good prices 
• stock availability 
• clean and tidy atmosphere 
• after sales service 
• variety
• polite and helpful staff

product portfolio a list of products they sell 

market mapping is setting out the key features of the market on a diagram 

market map is a grid that measures two different aspects of a brand within the market (young/ old compared with luxury/ economy)

competitor is a business that shares the same target market, it targets the same needs and wants of the target market as our business

adding value is the difference between the price of a product/service and the cost involved in making it.

added value = sales price per unit- total cost per unit

total added value= total sales- total cost

how can a business add value?

• offering convenience and speed
• improving product design and quality
• improving a service 
• through branding 
• developing a strong USP
• improving packaging 

paragraph 1

• statement 
• explanation of the statement 
• effect on business 
• this leads to the increase/decrease in reputation
• increase/decrease in profits

paragraph 2 (counter)

• statement 
• explanation of the statement 
• effect on business 
• this leads to increase/decrease in reputation 
• increase/decrease in profits

conclusion 

• statment - i agree/disagree
• explanation for that judgement- this is because ...
• extended a/a* conclusion 
• being aware of counterbalance- on the other hand,