The idea that business is ever changing because external factors, such as technology, are always changing/ developing
1 of 10
Obsolete
A product or service with sales that have declined or come to an end as customers find something new
2 of 10
Entrepreneurs
Business people who recognise opportunities like gaps in the market and are willing to take risks in order to make them happen
3 of 10
Unique selling Point (USP)
an original/ unique feature of a product that competitors are not offering
4 of 10
Value Added
The difference between the selling price and the cost to make
5 of 10
Customer needs:
Price, Quality, Choice and Convenience
6 of 10
Price
The price of a product is instrumental in whether on not the customers buy the product- the higher the price the less likely that they will choose your business over another.
7 of 10
Quality
To a customer, quality means getting what they want- a product that fulfills the advertised purpose, is durable and has a pleasing design.
8 of 10
Choice
Giving the customers a range of variations of the product increases the chances of them finding a product that suits their preferences.
9 of 10
Convenience
Making life easier for the customers using location and product so they are more likely to sped their money with you.
10 of 10
Other cards in this set
Card 2
Front
A product or service with sales that have declined or come to an end as customers find something new
Back
Obsolete
Card 3
Front
Business people who recognise opportunities like gaps in the market and are willing to take risks in order to make them happen
Back
Card 4
Front
an original/ unique feature of a product that competitors are not offering
Back
Card 5
Front
The difference between the selling price and the cost to make
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