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Topic 1.1 Enterprise GCSE Business Flashcards | StudBud
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Topic 1.1 Enterprise GCSE Business
What is classified as a risk?
What is the role of entrepreneurship?
Topic 1.1 Enterprise GCSE Business
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1
What is the role of entrepreneurship?
to organise resources, make business decisions and take risks
to keep all the profit from the business
2
What is classified as a risk?
breakeven, survival and margin of safety
business failure, financial loss and lack of security
3
Why do NEW business ideas come about?
due to a recession
from market research
from using a market map
changes in technology or consumer wants or products becoming obsolete
4
Define obsolete
a product in popular demand
an out-of-date product, people no longer want to use it
a product that is sold at a high price
a type of customer complaint
5
Define reward.
the benefit of business activity such as profit
the benefit of business activity such as customer service
6
How do NEW business ideas come about?
from original ideas or adapting existing products
from a job description
they are copied
from a cash flow forecast
7
What are the ways a business can add-value?
convenience, branding, quality, design, USP
lower price, advertising, special offers
8
What are customer needs?
fair-trade goods, environmentally friendly products, ethical goods
price, quality, choice, convenience
9
Which is NOT one of the 3 elements of the design mix?
aesthetics
cost
price
function
10
Define a good
the opposite of bad
a reward for the business owner
a physical item that can be touched, such as a burger
a task or activity that is done for the customer, such as a car wash
11
What is NOT classified as a reward?
independence
cash inflow
profit
business success
12
Define convenience.
aspects that makes life easier or more comfortable for customers
this is part of the sales process
13
What is meant by lack of security when considering risk?
job security with a regular income
not having job security or a regular income
14
Define quality.
the features of a product that provide benefit
the standard of a good/service which customers expect
15
What is the role of business?
produce good, services, meet customer needs, add value
to collect taxes for the government
16
Which of the following is NOT a good?
crisps
drink
bus ride
burger
17
Define branding.
a name, logo, slogan used to make a product standout against rival products
the name of the country that the product was made in
18
Define a service.
a physical item that can be touched, such as a burger
a task or activity that is done for the customer, such as a car wash
19
A benefit of added value is...
charge a higher price
offer a special deal
20
Define unique selling point.
aspects of a product that differentiates it from rivals
features of a product or service that make it better than rivals
