topic 1.1


business are organisation which produces goods and services. they do this by using resources such as raw materials, labour and machines


Problems that customers intend to solve with the purchase of a good or service. See also customer expectations and customer requirements.


Any person or entity which is a rival against another. In business, a company in the same industry or a similar industry which offers a similar product or service. The presence of one or more competitors can reduce the prices of goods and services as the companies attempt to gain a larger market share. Competition also requires companies to become more efficient in order to reduce costs. Fast-food restaurants McDonald's and Burger King are competitors, as are Coca-Cola and Pepsi, and Wal-Mart and Target.


A value add can either increase the product's price or value. For example, offering one year of free support on a new computer would be a value-added feature. Additionally, individuals can bring value add to services that they perform, such as bringing advanced financial modeling skills to a position in which the hiring manager may not have foreseen the need for such skills.



The company that allows an individual (known as the franchisee) to run a location of their business.  The franchisor owns the overarching company, trademarks, and products, but gives the right. to the franchisee to run the franchise location, in return for an agreed-upon fee. Fast-food companies are often franchised.


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