Business Revision 1.1
Product & Service
What is a Business? A Business is any organisation that makes goods or provides services. New Businesses are set up by Entrepreneurs. There are both risks and benefits involved in setting up new business. Businesses may include Products and Service. Product: A good or service that is sold to customers or any other business companies, therefore products are physical e.g. Car
Service: A commercial enterprise that provides work performed in an expert manner by an individual or a team for the benefit of its customers, therefor a service is non-physical e.g. a services may be a school or local community center.
Understanding Customer Needs
Before starting a business, preparing for a business includes knowing what your customers need, this is an important thing for starting a business you can use Market research. Which involves primary or secondary research.
Primary Research is when you gather data individually, for example you can make surveys, questionnaires, etc. for your new customers. Primary research allows you to discover locals opinions about your business, this can help a lot in customer needs.
Secondary Research is when using other research, for example using the internet, this can help in some importance of your business like finding out your locals around your business, but it may not be the best way to discover your customer needs.\