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A business is an organistion which produces goods and services. They do this by using resources such as a rwa material, labour and machines.
Understanding customer needs
A busineness needs to have good understanding of their market so that they can sell a product which is better at meeting customer needs than other competitorb products. Customers will choose the product or service which suits their needs best.
Market mapping is a diagram showing how products are positioned in the market according to two variables.
Competitor businesses are placed on market mapping which allows us to to see where there may be gaps in the market.
A franchise is the right given by one business to another to sell goods or services using its name.
A franchisor is the business that agrees to allow the franchisee to manufacture, distrubute, or provide a branded product in return for a fee and/ or a royalty payment.
A franchisee is the business that agrees to manufacture, distribute, or provide a branded product under licennce by the franchisor. This is usually in return for a fee and or a royalty payment.