Business Revision 1.1

Business is a organization involved in the trade of good services which are exchanged for another or for money.

What Is Business?

An organization or economic system where goods and services are exchanged for one another or for money. There are many types of business in the UK.

A consumer is a person who uses the product or consumes.

A customer is a Person or organization which buys or is supplied with a product by a business.

Market Mapping

Using a market map has many advantages such as being able to spot a gap in the market, however just because there is a gap it does not nessasserily mean that there is a demand. It also encourages market research although the research may not always be reliable.

competition.

Competition is when two or more teams are fighting against each other physically or verbally to win something such as land or gain something such as more customers for their business.

Added value

Added value is 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. This is the price that is added at each stage of making the good.

  • Primary - Extraction of natural resources
  • Secondary - Manufacturing
  • Tertiary - Service or Product

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.

Franchisor

Is 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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