Consumers want goods and services businesses supply them.
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What is a gap in the market?
Where there is a product demand but no product to fill it.
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What is a market?
A market is anywhere that a buyer and a seller come together to agree on a sale.
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How do most businesses succeed?
By creating or finding a gap in the market offering a service that is wanted but which other businesses don’t provide.
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What can attract competition?
If a business successfully sells a product in a market
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What are stakeholders?
Stakeholders are individuals, groups or organisations that are affected by/ have an interest in the activity of the business. E.g. costumers, competitors
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What is an internal stake holder?
Owners and employees direct interest in a business. Work for the business inside the business daily.
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What is an external stake holder?
Don’t work for the business. Outside of the business
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Why do stake holder’s conflict?
They all want different things e.g owners want more profits, best prices for goods , costumers want lower prices business, high quality. They have to make sure that suppliers make enough money to earn a decent living while l pric 4 costumers 2 buy
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What is a financial stake holder?
Such as banks have lent or given the business money. They might make decisions that are in their own interests, rather than those of the business.
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What is the difference between an aim and objective?
Aim-long term goals a business can work towards. Objectives shorter-term targets that can be measured
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What is a mission statement?
A statement of the values and ambitions of a business that defines how it operates.
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What are the 3 main objectives of a business?
Survival, profit maximisation, sales objectives (sell 12 units or increasing revenue).
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Other cards in this set
Card 2
Front
What is a gap in the market?
Back
Where there is a product demand but no product to fill it.
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