Business

• Purpose of businesses

  • Goods
  • Services
  • Both
• B2C

  Business to customer
• B2B

  Business to business
• Role of enterprise

  • Quality
  • Convenience
  • USP
  • Design
  • Branding (distinctive logo/image)
• Customer needs

  • Choice
  • Quality
  • Price
  • Convenience
• Market research

  • Demand
  • Target market
  • Competition
• Market segmentation

  • Choosing market mix (e.g. place)
  • Choosing promotion (e.g. newspaper, online)
  • Market mapping (gap in market)
• Definitions of market

  • Place to trade products
  • Specific group of customers
  • Industry for a good or service
• Ways businesses can compete

  • Product range
  • Customer service
  • Price
  • Location
• Factors affecting objectives

  • Type of business (e.g. not for profit)
  • Competition
  • Size of a business
• Short term methods of finance

  • Trade credit
  • Hire purchase
  • Overdraft
• Long term methods of finance

  • Bank loans/mortgages
  • Retained profit
  • Venture capital
  • Crowdfunding
  • Share capital
  • Personal savings