Enterprise and entrepreneurship (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is the fundamental goal of a business enterprise?
What is the fundamental goal of a business enterprise?
To satisfy customer needs and wants
What dual focus drives most business decisions and activities?
What dual focus drives most business decisions and activities?
Customer satisfaction & financial success
What role do businesses play in the supply chain?
What role do businesses play in the supply chain?
They are the crucial link
What are the three key stages of business operations?
What are the three key stages of business operations?
Suppliers, production, customers
What is the difference between customers and consumers?
What is the difference between customers and consumers?
Customers buy; consumers use
What does 'adding value' mean in business?
What does 'adding value' mean in business?
Increasing what customers will pay
What are the two main approaches to adding value?
What are the two main approaches to adding value?
Cost reduction & enhancement
Which is an example of adding value through convenience?
Which is an example of adding value through convenience?
Extended opening hours
How does branding add value to products?
How does branding add value to products?
By creating emotional connections
What does improved quality mean for products?
What does improved quality mean for products?
Products last longer & work better
In the coffee example, what did raw materials cost vs selling price?
In the coffee example, what did raw materials cost vs selling price?
30p vs £3-4
What is key when balancing value additions with costs?
What is key when balancing value additions with costs?
Find what customers will pay for