Theme 1 - Overview

James Dyson came up with the idea of a vacuum cleaner that didn't need ?

• Electricity

• Hoover

• Dust bags

• Suction

There are risks and ____________ in running a business

• Surprises

• Rewards

• Solutions

• Money

Meeting the changing needs of customers? _____________ business.

• Survival

• Viable

• Consumers

• Dynamic

Business ideas are generated because of changes in technology, outdated services and ______________________.

• Changes in consumers tastes

• Increase in price comparison websites

• Greater TV advertising

• Risk and reward

A new business idea will either be generated to improve an existing idea or to __________________________?

• Increase costs in the business

• Improvements in environmental issues

• Increase in profits

• Fill a gap in the market

Lack of secure income ??

• Risk

• Reward

The difference between the revenue earned by a business and the costs of business?

• Profit

• Loss

• break-even point

• Rewards

Creates an image for a product that sets it apart from competitors and make it easily recognisable by consumers?

• Branding

• USP

• Quality

• Enterprise

Consumers are willing to pay more for a product if it saves them time, e.g pre-chopped vegtables

• USP

• Design

• Convenience

• Quality

Rewards of satisfied customers include profit, good reviews, word of mouth, repeat purchases and ?

• Increased debts

• Loyal customers

• Reasonable prices

• Increasing trends