1.1.3 the role of business enterprise

• what are the roles of business enterprise?

  • to produce goods/services
  • to meet customer needs/wants
  • to add value
• added value


  (difference between selling price and cost price)

  • when a good/service is made more appealing, customers are willing to pay more
• ways to add value

  • branding
  • quality & design
  • convenience
  • unique selling point
  • excellent customer service
• the roles of an entrepreneur

  • to organise resources
  • to make decisions
  • to take risks