Knowledge

• Changes in technology-

  • Internet was invented in 1980s
  • Since then there has been a new market and new ways to sell (online)
  • This is called E-commerce.
  • Micro businesses are now able to set up quickly and sell virtually anything online, due to websites and apps such as eBay, Vinted and Etsy.
  • This means its easier than ever for people to become entrepreneurs, running their own businesses.
• Changes in technology- New innovation

  • New tech innovation means there are lots of games on the market.
  • Uk homes have faster Wi-Fi and download speeds so customers can get access to more sophisticated games.
• What is customer needs split into?

  • P- Price
  • Q- Quality
  • C- Choice
  • C- Convenience
• What do customers want typically?

  A combination of price and quality that meets their needs.
• Financial aims:

  • Those which relate to money in terms of the business.
  • These are: survival, profit, sales, market share and financial security.
  • To survive a business needs to make a profit, although in the short term this might not be the case or even possible.
• Non-financial:

  • Social objectives (for example, providing a product or service which is beneficial to the enviroment), personal satisfaction, challenge, independence and control