how can new technology make products more desirable ?
new tech can make products and services faster ,smaller{more compact} , cheaper and easier to use and safer
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what are causes to the changes consumers wants and needs ?
changes in fashion , changes in economy ,changes in lifestyle{the way consumers spend their leisure time}, changes in technology
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how does products become obsolete?
well by intro of new tech and changing natures of consumer needs
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what is planned obsolescence ?
it is when many products are designed to only last a short time, and consumers are encouraged to buy newer and improved versions of these products
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give 2 examples in which new business ideas can be generated?
a new idea such as an invention or a development from existing ideas making slight changes {innovation}
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risk is worked out by ?
it is considering the probability of a negative outcome occurring and the impact of the negative outcome
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what are examples of risks
business failure , financial loss and lack of security
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what are examples of rewards
business success , profit, independence .
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what is business failure , financial loss and lack of security
business failure is through poor cashflow falll in sales revenue or action of competitors financial loss is money a owner could lose after investing in business and not working for someone else means no guaranteed income,sick or holiday pay
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what is business success , profit and independence
business success is like personal satisfaction growth awards and recognition profit is the amount of money the business is left over after paying its costs business owners will value the freedom of working for themselves
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how can risk be reduced ?
carrying out detailed market research , producing a business plan , ensure that the business is competitive , raise sufficient start up finance
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what makes some business risker than others
seasonal demand like ice cream , a small market , a highly competitive market , a owner who knows little about the product or market .
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what is a business or enterprise
it is a person or organisation with the purpose of producing goods and services to meet the needs of customers.
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what is the difference between a consumer and customer
a customer is a person or organisation that buys the product or service and a consumer is someone who uses{consumes} the product
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what is adding value ?
it is about adding something that will make customers willing to pay a higher price
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ways to add value ?
more convenience , usp, branding,better design,improved quality,greater speed of service
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what is the benefits to adding value ?
the higher the added value the sooner the business can pay off its costs and it also means the more chance the business has of success , survival and long term growth
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what is a usp
a usp is known as a unique selling point it is another way to add value to a product a usp will also help a business compete
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what is a entrepreneur
a person who owns and runs their own business. entrepreneur is a risk taker who have the intial idea and the willingness and confidence to see it through
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what do entrepreneur do ?
take risks , have a idea , make business decisions
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the skills of an entrepreneur are ?
risk taking , showing initative , willingness to undertake a new venture .
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how do entreprenuer benefit the economy ?
creating products and services to meet customer needs creating jobs generating economic activity through consumer spending paying tax to government exporting goods abroad
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Other cards in this set
Card 2
Front
what are causes to the changes consumers wants and needs ?
Back
changes in fashion , changes in economy ,changes in lifestyle{the way consumers spend their leisure time}, changes in technology
Card 3
Front
how does products become obsolete?
Back
Card 4
Front
what is planned obsolescence ?
Back
Card 5
Front
give 2 examples in which new business ideas can be generated?
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