Unit 1.1: Spotting a Businnes Opputunity
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 profits.
Understanding customer needs
A business needs a good understanding of what their markets want. So they can sell a product that is better at meeting the customers needs,
A study of various market conditions that is plotted on a map to identify trends and corresponding variables between consumers and products. Market mapping can help companies locate problem areas and figure out the source of problems by examining related variables.
Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profits and market share by offering the best practicable combination of price, quality and service.
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 profits.
Franchising is a business strategy for getting and keeping customers. It is a marketing system for creating an image in the minds of current and future customers about how the company's products and services can help them. It is a method for distributing products and services that satisfy customer needs.