Business Full Flashcard

Front

Why do new business ideas come about?

Back

Changes in technology

Front

What is one way new business ideas come about? Options: Copying competitors, Original ideas, Reducing prices, Increasing advertising

Back

Original ideas

Front

What is a potential risk in business activity?

Back

Financial loss

Front

What is a reward of business activity?

Back

Profit

Front

What is one role of business enterprise?

Back

To produce goods or services

Front

What is a role of entrepreneurship?

Back

Organising resources

Front

What are the key components of customer needs?

Back

Price, quality, choice, convenience

Front

What is one purpose of market research?

Back

To identify gaps in the market

Front

Which of the following is a method of primary research? Internet, Market reports, Survey, Government reports

Back

Survey

Front

What type of data is used in market research?

Back

Qualitative and quantitative data