Business Studies Unit(s) 1 (Some of it!)

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Detailed aspects of the Edexcel Unit 1 business studies GCSE (Some of it, Not all) - Source of Info = Pearson Revision Guide, Business Studies

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Business Studies Unit(s) 1 (Some of it!)
  1. Businesses
    1. A business is an organisation whose purpose is to produce goods and services to meet the needs of customers
      1. A business might produce its own goods or buy them from a supplier and sell them to customers
        1. A market is where buyers and sellers meet to exchange goods and services
        2. Understanding customer Needs
          1. Most customer needs are based on good quality, good product range, convenient location, good customer service and a fair price. The problem is that customers are all different and have different needs and expectations
            1. Market research can be categorised into two sections: Primary research (Collecting data that did not exist before) and Secondary Research (Collecting data that already exists) e.g. Internet Research
            2. Market Mapping
              1. Market mapping helps businesses to identify market segments and position their products through identifying gaps in the market
                1. Businesses must research potential customers' buying preferences, i.e who the customers are, what they want , what they buy and how often they buy. This can be done through:
                  1. finding information about customers
                    1. Using their own experience
                      1. Looking at existing businesses and trying competitors' produts
                        1. Observation and Surveys
                        2. Competition
                          1. A business might use a number of criteria to analyse and judge the strengths and weaknesses of its potential competition in order to improve its 'business offering' and differentiate from them
                            1. Branding: A brand is a named product that customers see as being different from other products, and that they can associate or identify with. A Company or product can develop a unique brand image that customers associate them with
                            2. Added Value
                              1. Added value is the increased worth that a business creates for a product; it is the difference between what a business pays its suppliers and the price that it is able to charge for the product
                                1. A business can add value to its products by lowering costs or adding something that will make customers willing to pay a higher price
                                  1. The added value of a product goes towards paying off a company's costs. the higher the added value, the sooner costs can be paid off and the quicker a business will make a profit. The more value a business can add to its products, the more chance of long term growth and survival
                                  2. Enterprise
                                    1. Enterprise is a word often used in business, which represents the ideas and initiatives involved in starting a new business. Businesses might supply a good (Physical and tangible product such as a car) or a service (a non physical, intangible product
                                      1. Enterprise - The initial spark and idea for a business and the willingness by an individual to show initiative, take a risk and undertake a new venture
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