Enterprise

• Buisness enterprise - the process of identifying new business opportunities and taking advantage of them
• Product - a good or service provided by a business
• Good - a tangible item e.g. book
• Service - an intangible item e.g. getting a haircut
• Purpose of business activity

  1. To provide a good or service
  2. To meet customer needs
  3. To add value to an existing product,

  by:

  -making a product more convenient

  -building a good brand image

  -improving products design or quality

  -giving the product a USP
• Reasons for new business ideas :

  • changes in technology
  • changes in what customers want
  • products becoming obsolete