Purposes of Businesses

• What do businesses supply?

  Goods, services, or both
• What are goods?

  Physical products like consoles or drinks
• What are services?

  Non-physical actions performed by a business
• What do some businesses provide?

  Both goods and services
• What does B2C stand for?

  Business to consumer
• What does B2B stand for?

  Business to business
• What can businesses serve?

  Customers' needs or wants
• What are distributors?

  Businesses that buy and sell products
• What are customers' needs?

  Things people can't live without
• What are customers' wants?

  Products or services people would like
• What does starting a business involve?

  Risk
• What type of business would Paul Hollywood's cake business be?

  Serving customers' wants
• Why are businesses set up?

  To serve customers' wants or needs
• What is a key reason for starting a business?

  People want the good or service
• How can businesses benefit society?

  By providing services or goods for good
• What do businesses do with goods they buy?

  Distribute them to other businesses or customers
• What is an example of a not-for-profit organization?

  Providing malaria nets in Africa
• What are the main purposes of businesses?

  • Supply goods and services
  • Serve customers' needs and wants
  • Distribute products to consumers or businesses
• What are the risks involved in starting a business?

  • Financial loss
  • Market competition
  • Uncertain demand for products or services
• What are the differences between B2B and B2C businesses?

  • B2B: Sells to other businesses
  • B2C: Sells directly to consumers
• What are the characteristics of customers' needs and wants?

  • Needs: Essential for survival
  • Wants: Desired but not essential