Business 0.0 / 5 ? Business StudiesTopic 1GCSEEdexcel Created by: k.gwinnell14Created on: 03-12-18 10:17 Added value The difference between the cost of the materials taken to make a product and the price that is charged for the product. 1 of 15 Busiess Success A measure which could be sales, marker share or profit related. 2 of 15 Consumer Person who uses the product. 3 of 15 Customer Person who buys the product. 4 of 15 Customer Needs What the customer wants and these can change over time e.g. QUALITY, PRICECHOICE and COVENIENCE. 5 of 15 The Dynamic Nature of business The idea that business is ever changing due to external factors such as technology always advancing./ businesses chaning to customers needs 6 of 15 Enterprise The skills shown by an entrepeneur. 7 of 15 Good Physical items a business sells e.g a car, a bike 8 of 15 Obsolete a product which is out of date, no longer needed. 9 of 15 Product The good or service a business is selling. 10 of 15 Resource the land, labour and capital used by entrepeneurs e.g buildings, equipment etc.. 11 of 15 Reward The return for taking a risk and making it successful. Business Success, Finaial Rewardsand Independance 12 of 15 Risk Any situation that brings exposure to danger such as.. Business Failure, Financial Loss and Lack of secruity 13 of 15 Service A none phyical items a business sells, eg.. Hairdressing, Gardening.... 14 of 15 USP UNIQUE SELLING POINT: A characteristic of a product that makes it differnt to other products sold, gives you a competitve advantge. 15 of 15
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