1.1.1 Flashcards
what is a product?
Anything that is capable of satisfying customer needs
What is a service?
A service is an act that a business person carries out for you in exchange for money
What is e-commerce?
Selling products or services online
Why do new business ideas come about? (3)
Changes in technology
Products and services becoming obsolete
Changes in consumer wants (trends)
What does obsolete mean?
Obsolete means a product that is no longer used or out of date
What is an original idea?
Original ideas are ones that have not been used before to put a product or service into production
What are the reasons for original ideas? (3)
Carried out research
Solve problems
Gap in the market
How do businesses adapt existing products/services/ideas?
Mix and match
New version of an old product
Cheaper version of an old product
What are the changes in technology in amazon?
Amazon uses drones and robots to increase efficiency
What are the changes in technology in stadia?
New technology innovation means there are lots of new products on the gaming market
What are the changes in technology in ebay?
Small businesses are now able to set up and sell virtually anything online due to websites such as eBay, etsy and ebid
How does social media help businesses?
Businesses can use social media to find out what consumers want and need so that they can produce products and services to meet those wants and needs
What is a “want”?
a luxury
what is a “need”?
a necessity, an essential
how do ready meals help with customer wants and needs?
We are all working more and have less time, so the
ready meal market is catering to these consumer
needs
