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Business Studies Unit(s) 1 (Some of it!)
- Businesses
- A business is an
organisation whose purpose
is to produce goods and
services to meet the needs
of customers
- A business might
produce its own
goods or buy them
from a supplier and
sell them to
customers
- A market is where buyers
and sellers meet to exchange
goods and services
- A business is an
organisation whose purpose
is to produce goods and
services to meet the needs
of customers
- Understanding customer Needs
- Most customer needs are based
on good quality, good product
range, convenient location, good
customer service and a fair price.
The problem is that customers
are all different and have
different needs and expectations
- Market research can be
categorised into two sections:
Primary research (Collecting
data that did not exist
before) and Secondary
Research (Collecting data
that already exists) e.g.
Internet Research
- Most customer needs are based
on good quality, good product
range, convenient location, good
customer service and a fair price.
The problem is that customers
are all different and have
different needs and expectations
- Market Mapping
- Market mapping helps
businesses to identify
market segments and
position their products
through identifying gaps in
the market
- Businesses must research
potential customers' buying
preferences, i.e who the
customers are, what they
want , what they buy and
how often they buy. This
can be done through:
- finding information about customers
- Using their own experience
- Looking at existing businesses and
trying competitors' produts
- Observation and Surveys
- Market mapping helps
businesses to identify
market segments and
position their products
through identifying gaps in
the market
- Competition
- A business might use a number
of criteria to analyse and judge
the strengths and weaknesses of
its potential competition in order
to improve its 'business offering'
and differentiate from them
- Branding: A brand is a named
product that customers see as
being different from other
products, and that they can
associate or identify with. A
Company or product can develop
a unique brand image that
customers associate them with
- A business might use a number
of criteria to analyse and judge
the strengths and weaknesses of
its potential competition in order
to improve its 'business offering'
and differentiate from them
- Added Value
- Added value is the increased
worth that a business
creates for a product; it is
the difference between what
a business pays its suppliers
and the price that it is able
to charge for the product
- A
business
can add
value to its
products
by lowering
costs or
adding
something
that will
make
customers
willing to
pay a
higher price
- The added value of a product goes
towards paying off a company's
costs. the higher the added value, the
sooner costs can be paid off and the
quicker a business will make a profit.
The more value a business can add
to its products, the more chance of
long term growth and survival
- Added value is the increased
worth that a business
creates for a product; it is
the difference between what
a business pays its suppliers
and the price that it is able
to charge for the product
- Enterprise
- Enterprise is a word often used in
business, which represents the
ideas and initiatives involved in
starting a new business.
Businesses might supply a good
(Physical and tangible product such
as a car) or a service (a non
physical, intangible product
- Enterprise - The initial spark
and idea for a business and
the willingness by an individual
to show initiative, take a risk
and undertake a new venture
- Enterprise is a word often used in
business, which represents the
ideas and initiatives involved in
starting a new business.
Businesses might supply a good
(Physical and tangible product such
as a car) or a service (a non
physical, intangible product
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