bussiness1.1-1.2

Question 1

Dynamic

Answer 1

Characterized by constant change, activity, or progress

Question 2

entrepreneur

Answer 2

someone who creates a business, taking on financial risks with the aim of making a profit from the business

Question 3

consumer

Answer 3

someone who uses (consumes) good and services but doesnt necessarily pay for them

Question 4

obsolete

Answer 4

out of date or not used anymore

Question 5

the 4 main customer needs

Answer 5

price, quality, choice, convenience

Question 6

Market research

Answer 6

the process of gathering information about the market and customers needs and wants in order to help inform business decisions, including product design and marketing.

Question 7

qualitative

Answer 7

descriptive data

Question 7

quantitive

Answer 7

numerical data

Question 8

what is the purpose of market research

Answer 8

1. to reduce risks 2. to identify gaps in the market 3. to identify and understand customers needs

Question 9

direct competitors

Answer 9

businesses that sell the same type of product eg. mcdonalds and five guys

Question 10

indirect competitors

Answer 10

businesses that sell a different product but still find them selfs in competition with one another eg. mcdonalds and dominos

Question 11

focus group

Answer 11

a group of people discussing the product