Unit 1.1

Business Studies Revsion Poster

Business

Business is an organisation is involved in trading goods, services, or both to consumers. They do this by resources such as raw materials, labour and machines. Trade good is a raw material or product that is bought and sold commercially in large quantities. Business is mostly started by scratch, you borrow money of the bank and make a product you wished to sell and make more so you can get profit over it e.g. I borrowed £50,000 from the Barclays Bank and made a toy car and gave it to a person that can make it allot, give the person money for it and sell it to the consumers.

Customer = A person that buys the product of you.

Supplier = A company or an organisation that provides you with your good.

Product = Is an item that you made to sale its tangable

Service = Services is intangable, it is a business that is available for the public to use such as a bank, school etc.

Understanding Costumer needs

Understanding customers is the key to giving them good service. To give good customer care you must deliver what you promise.

Market Mapping

A research method that identifies the key customer requirements in a market and how existing products are positioned in that market. Market mapping is an important way of identifying gaps in the market

Competition

a cometetive market is a market with many businesses in a certain market and there are two areas where companies could comete for customers:
DIFFERENCIATION: this is when businesses make subtle changes to their product to make it stand out as this may not have been thought of before
PRICE: when companies are selling similar or the same products than companies have to out do the other in cheapest price to draw in custom

Franchise

franchising is when a business sells the rights to use the name of the business and sell the businesses products and this happens often as there are alot of benefits that come with a franchise.
FRANCHISEE: the person who wants to purchase the rights to use the company name.
FRANCHISOR: the person or organisation who is willing to sell the rights to use the businesses name.Tackk allows you to customize and edit your message the moment you visit the homepage. Simply click and franchising is when a business sells the rights to use the name of the business and sell the businesses products and this happens often as there are alot of benefits that come with a franchise.
FRANCHISEE: the person who wants to purchase the rights to use the company name.
FRANCHISOR: the person or organisation who is willing to sell the rights to use the businesses name.typing. There is no login required. It's just like tacking a flyer to a telephone pole.

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