What is a business activity?

• What is the primary role of business activity?

  Produce goods and services
• How do businesses add value?

  By meeting customer needs and providing convenience
• What are the methods businesses use to add value?

  • Quality improvement
  • Design enhancement
  • Branding
  • Unique Selling Point (USP)
• What do entrepreneurs do?

  Take calculated risks to organize resources
• What is a Unique Selling Point (USP)?

  A feature no other product has
• Who is an entrepreneur?

  Someone who starts a business
• What is entrepreneurship?

  The process of starting and managing a business
• What impact does risk have on business activity?

  It can lead to business failure and financial loss
• What are the potential consequences of business risk?

  Loss of investment and lack of security
• What are the rewards of business activity?

  • Profit generation
  • Business success
  • Independence
  • Work-life balance
• What resources are needed for business success?

  People, equipment, and buildings
• How do skills and interests contribute to business success?

  They help in effectively managing business operations
• What is a key factor that attracts customers?

  Low prices
• How does price affect customer attraction?

  It depends on willingness to pay
• What are two aspects of quality that influence customer needs?

  Suitability of product and service level
• How does convenience affect customer needs?

  It aligns with customers' lifestyles
• What is one way businesses can cater to different customer needs?

  By offering a variety of choices
• Why do businesses want to meet customer needs?

  To create happy customers and confidence
• What is the relationship between meeting customer needs and revenue?

  Happy customers lead to increased revenue
• What happens when a business meets customer needs effectively?

  It can lead to profit and success
• What can save repeat purchases for a business?

  Meeting customer needs
• How can meeting customer needs affect public perception?

  It can enhance public loyalty
• Can a business meet all customer needs simultaneously?

  No, there are trade-offs between needs
• What are some trade-offs businesses face when meeting customer needs?

  Low prices versus high quality
• Why must businesses respond to changing customer needs?

  To avoid failure in the market