Edexcel Business 1.1 0.0 / 5 ? Business StudiesEnterprise and entrepreneurshipGCSEEdexcel Created by: Mrs HaynesCreated on: 15-05-19 09:26 Entrepreneur A person who starts a business 1 of 16 Enterprise Any business activity 2 of 16 How might new business idea might develop? Changes in technology, original ideas, new technology, adapting existing products, products becoming obsolete, changes in customer needs, 3 of 16 E-commerce Doing business over the internet 4 of 16 M-commerce Doing business using an app 5 of 16 Payment platform A method of allowing customers to pay online e.g. PayPal 6 of 16 Online marketplace Describes the online business environment where may sellers can trade their products 7 of 16 What are the main business risks for an entrepreneur Financial loss, loss of security, business failure 8 of 16 Start-up captial Money needed to start the business 9 of 16 The rewards of being in business Profit, business success, independence 10 of 16 Stakeholders People or groups with an interest in what the business is doing 11 of 16 What is added value? The process of adding something to the inputs to give the product or service greater value. 12 of 16 What are the main customer needs? Price, choice, quality and convenience 13 of 16 USP Unique selling point 14 of 16 Brand loyalty Where customers return to the same product or firm because they like it 15 of 16 Why does the Government encourage competition between firms? Because it means customers have more choice and that there are a range of prices of different products on the market. 16 of 16
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