Introduction to Business

A Business is best described as

• an idea

• a place to sell goods or services

• run by an individual or a group of people

• fulfilling needs and wants

A product is best defined as

• a tangible object that a customer buys

• something you need

• something a store stocks for customers to admire

• seen in movies

What makes a business more desirable than another?

• The unique selling position

• The competitive advantage the business has over the competitors

• The business sells better goods

• The customer likes the business

Customer demographics can be defined as

• A group of people

• A specific set of people based on age, money and area lived in.

• Customers who demonstrate a buying capacity

• the demographic of where people live

A target market is defined as

• A random selection of consumers who may or may not buy a product.
• A specific group of consumers targeted by a company for its products or services.
• A demographic analysis of all consumers in a market.
• A broad category of consumers without specific targeting.

Gold Coast Surf Shop target market would be?

• Families - because they like to surf

• Families just because

• Tourist so they can hire equipment

• Young Adults because this is the age of people who like to surf

Markets are not random people. A business must ask 3 questions

• Who are they

• what do they like

• How can we attract them

• what is there favourite product

How would you define market competition

• Market competition is the process of setting prices for goods.
• Market competition refers to government regulations on businesses.
• Market competition is the rivalry among businesses to attract customers and increase sales.
• Market competition is the collaboration between companies to fix prices.

How could a fast food restaurant compete against other competitors

• By improving quality, service, and marketing.
• By lowering prices and cutting staff
• By focusing solely on drive-thru services
• By eliminating all marketing efforts

True or False

Does your assignment idea meet the unique criteria of the assignment.

• True

• False