Enterprise and entrepreneurship (Edexcel GCSE Business): Flashcards
📚Flashcards
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14 cards from this deck
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Practise the cards
14 cards from this deck
Definition of business enterprise
Definition of business enterprise
A business or organisation creating goods/services for customers
Fundamental goal of a business
Fundamental goal of a business
Satisfy customer needs and wants
Dual focus of most businesses
Dual focus of most businesses
Customer satisfaction and financial success
Business role in supply chain
Business role in supply chain
Crucial link between suppliers and customers
What suppliers provide to businesses
What suppliers provide to businesses
Raw materials, finished goods, or services
Difference: customer vs consumer
Difference: customer vs consumer
Customers buy, consumers use the products
Definition of adding value
Definition of adding value
Increasing what customers will pay vs. cost of materials
Two main approaches to adding value
Two main approaches to adding value
Cost reduction approach and enhancement approach
How convenience adds value
How convenience adds value
Makes products easier to access or use
How better design adds value
How better design adds value
Improves how products look, feel, or function
How improved quality adds value
How improved quality adds value
Products last longer or work better
How branding adds value
How branding adds value
Creates emotional connections and builds trust
How unique selling points add value
How unique selling points add value
Offering something distinctive from competitors
How speed of service adds value
How speed of service adds value
Reduces waiting times and improves customer experience