Spotting a Buisness 1.1
Revision

Business  

A business is an organization or economic system where goods and services are exchanged for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.

Customer: A person or organization that buys goods or services from a store or other business.
Consumer: A person who ultimately uses (or consumes) the product brought.
Suplier: A person or organization that supplies goods or services.
Products: An item which is tangible and you could touch.
Service: Something that you receive or something that is done for you.

Understanding customer needs
Understanding customers is the key to giving them good service. To give good
customer care you must deliver what you promise. But great customer care
involves getting to know your customers so well that you can anticipate their
needs and exceed their expectations. If you understand your customers needs then that will help your services develop and make it attract more customers.
Market mapping
Market mapping is a study of various market conditions that is plotted on a map to identify trends between consumers and prducts. Market mapping can help companies locate problem areas and figure out the source of problems by examining related variables.
Competition

A Competition is when two or more teams are fighting agaisnt each other physically or verbally to win something such as land or gain something such as more customers for their business. Rivalry in which every seller tries to get what other sellers are seeking at the same time sales, profit, and market share by offering the best combination of price, quality and service.


ADDED VALUE

an amount added to the value of a product or service, equal to the difference between its cost and the amount received when it is sold. Wages, taxes, etc. are deducted from the added value to give the profit.

Franchise

A franchise is an company which lets a person who wants to make a business use their name. This person is called the Franchisee. This is an advantage to the franchisee because they could get more customers and training from the franchisor who owns the franchise. But this can be a disadvantage because your going to have to pay to use the name of the franchise and give 25% of your profit to the franchisor every month, if you fail to give it then you could go bankrupt and shut down.

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