Key words - spotting a business opportunity 2.0 / 5 based on 1 rating ? Business StudiesUnit 1 - introduction to a small businessGCSEEdexcel Created by: Abi14Created on: 05-03-14 18:37 Gap in the market (understanding customer needs and the market) where there is a demand, nut no product to fill it. 1 of 28 Goods (understanding customer needs and the market) those things that can be 'touched' 2 of 28 services (understanding customer needs and the market) those things done to or for a customer 3 of 28 demand (understanding customer needs and the market) the amount of products and services customers are willing to pay for. 4 of 28 unique selling point (understanding added value) the factor that only your business or product has, which makes it stand out. 5 of 28 competitor profile (understanding added value) research to show where competitors are found and how they are competing. 6 of 28 adding value (understanding added value) making a product worth more to a customer 7 of 28 franchise (franchising) permission to use a successful business format 8 of 28 franchisee (franchising) the buyer of the franchise 9 of 28 franchiser (franchising) the seller of the franchise 10 of 28 royalty (franchising) a percent of the franchee's income taken as payment by the franchiser. 11 of 28 start up costs (locating a start-up) the initial costs paid once when a business is first set up. 12 of 28 entrepreneur (locating a start-up) + (entreprise and entrepreneurs) the person who takes the risk by starting a business. 13 of 28 retail outlet (locating a start-up) anywhere that something is sold to a consumer (e.g. shop or vending machine) 14 of 28 infrastructure (locating a start-up) roads, railways, airports, power, communication 15 of 28 profit (entreprise and entrepreneurs) the surplus of revenue over costs and the reward for the entrepreneur 16 of 28 social enterprise (entreprise and entrepreneurs) businesses set up to provide a service to a community 17 of 28 debliberate creativity (creative thinking and entrepreneurial skills) making a conscious effort to come up with a creative solution 18 of 28 lateral thinking (creative thinking and entrepreneurial skills) approaching a problem from a differnt, often, unusual direction 19 of 28 proactive (creative thinking and entrepreneurial skills) having solutions ready for promblems that may be expected to arise. 20 of 28 reactive (creative thinking and entrepreneurial skills) only planning solutions to problems when the problems happen 21 of 28 innovation (invention, innovation and protection) bringing a new product or idea to the market 22 of 28 invention (invention, innovation and protection) a completely new product, process or method 23 of 28 patent (invention, innovation and protection) protection granted in law to a new product or process or method to protect it from being copied 24 of 28 intellectual property (invention, innovation and protection) anybody's orginal work or ideas. 25 of 28 market research (calculating and managing risk) details found out about the business's chosen market 26 of 28 marketing strategy (calculating and managing risk) the ways the business intends to promote and sell its products 27 of 28 business plan (calculating and managing risk) a detailed description and forecast for a business, used to reduce risk 28 of 28
GCSE AQA business studies Unit 1 starting up a business 5.0 / 5 based on 1 rating Teacher recommended
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