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Business topic one
Beschreibung
Different business setups
Keine Merkmale angegeben
topic one
business studies
business
gcse
Mindmap von
Sophia Hinchliffe
, aktualisiert more than 1 year ago
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Erstellt von
Sophia Hinchliffe
vor fast 8 Jahre
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Zusammenfassung der Ressource
Business topic one
spotting a business opportunity
a business needs to meet the needs and wants of the customer by providing goods and services
good - a physical item that can be purchased be a consumer
service - a non-physical item that can be purchased
1 in 3 businesses close down within 3 years
Research
Who the customers are
what products/ services do they want
how often would the customers buy the product
competitors
How to get the information
own knowledge
research of the business in the area
observation
yellow pages
visit competitors businesses
asking questions
customer profling
customers buying habits/ preferences
customer profile from this information
use market segmentation
the market is broken down into different groups of customers
this is done according to their needs and prefronces
segments
age
gender
income
geographical area
ethnicity
religious groups
socio-economic groups
population is groupes acording to their income and job description
lifestyle
hobbies
how to start up a small business
it is about starting something of your own
have to ask
why
the main motive for starting a business is desire
satisfaction/ achivement
be own boss
money
who
personal qualities
determination
resillience
enthusiasm
persuassion
hard working
decisive
how
production
suppliers
customers
markets
understanding customer needs
how to start up a successful business
do something new
do something that already exists but better
do something that already exists but cheaper
all of these rely on knowing what people want and need and the understanding of business and suppliers
a gap in the market
things to consider
target market/ market segment (types of customer)
layout of shop
facilities
offers/ discount/ customer loyalty cards
product range
location
price/ quality
questions to answer
what types of customer will be attracted to your shop?
price?
pacagine?
location?
theme?
products
customer needs?
how will you meet customer needs?
why?
competition
other business in a certain market that offers similar goods or services to you
they may be
a lower price
of better quality
competitions benefits consumers as it
forces a firm to offer good quality products and services
keep prices low
firms become more INNOVATIVE
competion causes problems for business as they
may need to cut costs by cutting staff - bad for staff and maybe customers
take short term action
price cutting
this may damage the business in the long term
start unethical practices
dumping waste materials
sweat shops
added value
it is the increased wroth a business creates for a prod, the difference between the price the business paid and it is able to charge.
how to add vale
cutting costs
higher price
additional featuers
USP
convenience and speed
design
quality and brand
importance
to pay for bills
wages
profit
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