the purpose of business

• Business 


  An organisation that produces goods or services
• Four main customer needs

  Price , quality , choice , convenience
• Market research 


  Gathering information about customers needs
• Target market 


  Particular group of customers the business are aiming for
• Qualitative data


  Descriptive data that can’t be measured in numbers
• business private sector


  owned by individuals to make profit but also exists for the benifit of others
• how are profits and benefits achieved?

  they are achieved through producing a good or providing a service
• public sector businesses

  owned by governments , exists to provide services to the population such as schools and hospitals
• factors of production

  land , labour , capital , enterprise
• land , labour , capital , enterprise


  land = buildings and offices , labour= member of staff , capital = manufacturing and money , enterprise = ideas and risk taking
• sectors of industry


  primary secondary and tertiary
• sectors of industry

  needs, wants goods and services
• primary , secondary , tertiary

  primary= raw materials , secondary= manufactoring , tertiary= services
• needs , wants

  needs= product needed to survive , wants= product i dont need but want to have
• goods , services

  goods= physical product , services= an action done for you
• opportunity cost

  the value of the next best alternative
• enterprise

  act of doing business , investing and working to increase thr value of raw materials and our actions
• entrepreneurship

  act of creating new ideas for a business and taking risks to turn their money into more money