Topic 1.1 revison
A busniess is an organisation involoved in the tade of goods, services, or both to consumers. A business owned by multiple individuals maybe referred to as a company and busniesses would trade of goods to get more money.
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.
Market mapping can help companies locate problem areas and figure out the source of examining by examining related variables.
A competitive market has many businesses trying to win the same customers. Its when businesses try and achieve the same things for e.g. sales, profit, and market share by offering the best practicablecombination of price, quality, and service.
The difference between the price of the finished product/service and the cost of
the inputs involved in making it.
A franchise consists of 2 things a Franchisor and a Franchisee. Franchise= An agreement in which an established business name is sold to an individual or company to start trending under the name.
Franchisor=who sells the right to use a business idea in a particular location. Franchisee=who buys the right from a franchisor to copy a business format.