Market Research + Business Concept Development
After a business concept is created, what is conducted?
Market research.
What is innovation?
The development of new or improved products, services, or processes.
What is one characteristic of successful business managers?
What is communication?
What support involves financial assistance from the government to encourage innovation?
Government investment in research and development.
What is decision-making?
The skill of selecting a suitable course of action from a range of plausible options.
What must a potential business owner recognise before developing a business concept?
A business opportunity in the market they are interested in.
What business opportunity relates to changes in what customers want?
Changing customer needs.
What characteristic involves taking chances?
What is risk-taking?
What is a council grant?
A one-off financial payment from a local council that does not need to be repaid.
Why is decision-making an essential skill for managers?
Because the decisions managers make can impact overall business success.
What does performing market research enable a business to do? (two things)
Gain detailed insight into an industry and assess the potential success of its business concept.
What business opportunity involves investigating and improving ideas?
Research and development.
What characteristic involves building relationships with others?
Networking.
Which method to foster entrepreneurship operates within schools?
School-based entrepreneurship programs.
What is one personal motivation to start a business?
Personal independence.
What three things does a business concept outline?
What industry the business will operate in, what it sells, and how it will stand out against competitors.
What business opportunity allows businesses to sell goods and services to other countries?
Global markets.
What is strong ethics?
Acting honestly and responsibly is an example of this characteristic.
Which method provides physical spaces and support for businesses?
Regional start-up hubs.
What contribution to economic wellbeing involves creating jobs?
Employment opportunities.
What is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry?
Market research.
Which listed business opportunity arises from improvements that allow businesses to operate more efficiently or offer new products?
Technological development.
What characteristic involves using available resources effectively?
Resourcefulness.
Name three methods used to foster business innovation and entrepreneurship.
Any three of: Government investment in research and development; Council grants; School-based entrepreneurship programs; Regional start-up hubs.
What contribution to economic wellbeing involves buying and selling goods and services between countries?
International trade.