Business Studies Pearson Edexcel Topic 1.1 Questions & Answers
8 views 0 purchase
Course
Business Studies Pearson
Institution
Business Studies Pearson
Explain one reason why an entrepreneur might find setting up a business rewarding (3) - ANSWERSIf the business succeeds then it could make a large profit (1). This could result in the entrepreneur making more money than before they started (1). This could give them a better quality of life (1)
E...
Business Studies Pearson Edexcel Topic
1.1 Questions & Answers
Explain one reason why an entrepreneur might find setting up a business rewarding (3)
- ANSWERSIf the business succeeds then it could make a large profit (1). This could
result in the entrepreneur making more money than before they started (1). This could
give them a better quality of life (1)
Explain one method a business could use to add value to its product (3) -
ANSWERSOne method is by having a unique selling point (USP) (1). This will help the
product to stand out against competitors by having something they do not have (1). As a
result customers will be willing to pay more for a product they see as more original (1)
Explain one way in which new business ideas can come about (3) - ANSWERSThe
entrepreneur may have a completely original idea (1) which is based on knowledge of
the market (1). This can lead to the development of a totally new product that does not
have any competition in the market (1)
Explain one factor which might cause a new business idea to come about - consumers
(3) - ANSWERSChanges in consumer habits/lifestyles (1) can lead to new customer
needs (1) which entrepreneurs try to meet with new product ideas (1)
Explain one factor which might cause a new business idea to come about. - technology
(3) - ANSWERSChanges in technology might make it possible to change how a product
works (1) which can lead entrepreneurs to look for seek to satisfy customer needs
differently (1) which might lead to the adoption of new products to satisfy those needs
(1)
Explain one reason why new business ideas come about - consumers (3) -
ANSWERSA new business idea may come about because consumers want something
new (1). Existing products may not meet customer needs (1). This can lead to an
entrepreneur spotting a new business opportunity in the market (1)
Explain one reason why new business ideas come about - technology (3) - ANSWERSA
new business idea may come about because of changes in technology (1). This allows
new products to be created (1). Entrepreneurs will therefore look to create demand for
this new product (1)
Explain one benefit to a small business from having a unique selling point - competition
(3) - ANSWERSA unique selling point will give a small business a competitive
advantage (1). This would make customers more likely to buy from the business rather
than from the competition (1). This means the business will benefit from increased
market share (1)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Bestgrades2. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
