Business studies

• What is one benefit of new ideas in business?


  They help businesses improve their product.
• How can innovations benefit a business financially?

  Innovations can save money.
• What is a key requirement for staff to contribute creative ideas?

  Staff need to be motivated.
• What is a potential drawback of introducing a new product?

  It can damage the company's reputation. Need money to develop ideas
• What is necessary for developing new ideas in a business?

  A good reputation and sufficient funding are needed.
• What are the components of A01 in business analysis?

  Knowledge and understanding.
• What does A02 represent in business analysis?

  Application, including example data, statistics, and information from case studies.
• What is the purpose of A03A in business analysis?

  To analyze the pros and cons.
• What does A03B focus on in business analysis?

  It focuses on evaluation and recommendations.
• What is a recommended structure for writing a business analysis answer?

  Because, leading to, therefore.
• What are some potential outcomes of a decrease in reputation?

  A decrease in profit margins and customer loyalty.
• What are the changes in the business environment mentioned?

  Legislation, economic, environmental, technological, and social changes.
• How is a service defined in a business context?

  A service is an act that a business person carries out for you in exchange for money.
• What is the definition of a product in business?

  A product is anything that is capable of satisfying customers' needs.
• Why do new businesses emerge according to the notes?

  Due to new technology, changes in consumer wants, and products becoming obsolete.
• What does the term "creative destruction" refer to?


  When one business makes another business' idea obsolete.
• What is a key factor in the changing nature of consumer needs?

  Fashions and consumer tastes are always changing.
• What does the term "obsolete" mean in a business context?


  A product that is no longer used or is out of date.
• What are the main reasons for changes in the business environment?

  • Legislation
  • Economic factors
  • Environmental factors
  • Technological advancements
  • Social changes
• Place (or Distribution)


  The methods used to make a product or service available to customers. Channels, logistics, and supply chain management.
• Promotion

  The methods used to communicate with the target audience and persuade them to buy a product or service. Advertising, sales promotions, public relations, etc.
• Price

  The amount an organization charges for its product or service. Pricing strategies: premium, discount, penetration, etc.
• Product

  The tangible or intangible goods or services that an organization sells or offers to customers. Characteristics, features, and benefits.
• What is risk in business?

  The possibility of something going wrong or losing money.
• What is the relationship between risk and reward?

  The relationship between risk and reward is that as the risk increases, the potential reward also increases.
• Reasons for business failure?

  Poor management, insufficient funding, inadequate market research, poor product or service, inadequate marketing, competition, regulatory issues, supply chain disruption, employee issues, economic factors, lack of adaptability, poor financial planning, inadequate risk management, lack of innovation, and poor reputation.
• How to reduce risk

  Plan

  Research

  Be cautious

  Finance with care

  Take calculated risk
• rewards of being an entrepreneur

  Business success

  profit

  independence
• what is a business

  an organisation that exists to produce goods or supply services to customers
• what is a need

  goods or services that we have to consume in order to survive. i.e water
• what is a want

  goods or services that we would like but don't need in order to survive.
• what is enterprise

  identifying new business opportunities and taking advantage of them.
• what is an entrepreneur

  someone who takes in the risk of enterprise activity
• ways to add value to a biscuit

  Branding

  Unique selling point

  convenience

  design

  quality
• what is creative destruction

  when one business makes another business idea obsolete
• Tangible

  Physical objects that can be touched and seen
• Intangible

  Non-physical or abstract things that cannot be touched or seen
• The Four Factors of Production

  Land, Labor, Capital, and Entrepreneurship
• What is Land in the Four Factors of Production?

  Natural Resources, including Site, Climate, Mineral Deposits, Fertile Soil, and Water.
• What is Capital in the Four Factors of Production?

  Man-made Resources, including Buildings, Machinery, Transportation, Technology, and Financial Capital.