Business

Added value
The difference between the cost of the materials taken to make a product and the price that is charged for the product.
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Busiess Success
A measure which could be sales, marker share or profit related.
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Consumer
Person who uses the product.
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Customer
Person who buys the product.
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Customer Needs
What the customer wants and these can change over time e.g. QUALITY, PRICECHOICE and COVENIENCE.
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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
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Enterprise
The skills shown by an entrepeneur.
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Good
Physical items a business sells e.g a car, a bike
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Obsolete
a product which is out of date, no longer needed.
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Product
The good or service a business is selling.
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Resource
the land, labour and capital used by entrepeneurs e.g buildings, equipment etc..
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Reward
The return for taking a risk and making it successful. Business Success, Finaial Rewardsand Independance
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Risk
Any situation that brings exposure to danger such as.. Business Failure, Financial Loss and Lack of secruity
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Service
A none phyical items a business sells, eg.. Hairdressing, Gardening....
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USP
UNIQUE SELLING POINT: A characteristic of a product that makes it differnt to other products sold, gives you a competitve advantge.
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Other cards in this set

Card 2

Front

Busiess Success

Back

A measure which could be sales, marker share or profit related.

Card 3

Front

Consumer

Back

Preview of the front of card 3

Card 4

Front

Customer

Back

Preview of the front of card 4

Card 5

Front

Customer Needs

Back

Preview of the front of card 5
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