Business

An organisation whose purpose is to produce goods and services to meet needs of customers. May produce its own goods or buy them from a supplier and sell them to customers.

Things to consider when setting up:

.Is there a business oppurtunity?

.How will the business be financed?

.What is required to get the business up and running?

.What legal aspects have to be considered?

.What products and services will be sold and to whom?

A business that sells(supplies) products to another business.

Using raw materials, labour and machinery to make products.

A person or organisation that buys the product or service.

The person that uses( consumes) the product.

Where buyers and sellers meet to exchange goods and services.

Most based on good quality, good product range, convenient location, good customer dervice and a fair price.

Can tell a Business;

.What feaatures customers want

.How much they are willing to pay

.Where they shop

.What age and gender they are

.Who the main competitors are

.If the market is growing or shrinking

Helps Businesses to identify market segments and position their products through identifying gaps in the market. 

Used to position and compare products in a market and identify oppurtunities where customer needs are not being met.