An entrepreneur knows that setting up in business is a risk. They need a robust business plan detailing market research and competitor analysis and a good knowledge of the market.
Which of the following does every business do?
Make a profit
Produce goods and services
Provide jobs for everyone
How do you reduce the risk of starting a new business?
What do you call an individual who sets up their own business?
What is profit reward for?
What helps owners identify their aims and competition?
A business plan
What is it called when multiple business are trying to win the same customers?
A competitive market
A diverging market
What is product differentiation?
When a business makes a product which imitates an existing idea
When a business makes a product which stands out from the competition
When a business makes a product which is the same as the market leader
What percentage of the market does a large company need to be over to have a monopoly?
Which of these is a method of product differentiation?
Having a unique selling point
Selling a product in multiple territories
Introducing a product at a low price
What helps to create brand identity?
Having multiple products
An increase in profits
Creating a logo for the company/product