Basics
What is a business?
An organisation that sells goods/products or services
Why is customer service important?
Keeps customers coming back / builds reputation
What is risk?
Chance of losing money
Is false advertising legal or illegal?
Illegal
A business ignores complaints—what happens?
Customers leave / bad reputation
What is profit?
Money left after costs/expenses are taken away
What happens if a business has a bad reputation?
Loses customers and money
What is reward?
Profit or success
Is selling unsafe products legal?
No
A business takes a big risk and succeeds—what happens?
High reward / profit / lots of money
What is a customer?
A person who buys goods/products/services
Give one example of good customer service
Friendly staff, smiling, refunds, helping customers
Give an example of a high-risk business
New business / expensive product launch
Why do businesses need to follow laws?
To protect customers and avoid fines
Why is marketing important?
Attracts customers
What is a service?
Something you do for someone (e.g. haircut, cleaning)
How can a business build a good reputation?
Good service, quality products, listening to customers
Why might a business take a risk?
To make more money or grow
What could happen to a business that breaks the law?
Fines, shutdown, jail for owners
A business lowers its prices—what could be the benefit?
More customers
What is a product?
A physical item you can buy (e.g. shoes, food)
What is one way customers can share their opinion about a business today?
Reviews, social media, word of mouth
What is a low-risk business decision?
Selling popular items / starting small
Is copying another company’s logo legal?
No (illegal)
A business becomes very popular—what challenge might they face?
Keeping up with demand / maintaining quality