1.1.3 The role of business enterprise - Word Drop

Business activity has two main purposes. The first is to ______ the goods and services that customers buy. The second is to meet customer ______ by satisfying or exceeding what buyers expect, so that they choose one business rather than a ______.

Businesses also try to add ______, which is the difference between the cost of the inputs used to make a product and the price it is sold for. Adding value makes a product worth more to the customer than it was in its raw form. One way to add value is through ______, a well-known name or logo that customers recognise and trust. Other ways include better design, higher quality, greater convenience and a unique selling point. A unique selling point is a feature that ______ a business from its competitors.

An entrepreneur is the person who starts a business. They organise the ______ it needs, such as money, equipment and staff, make business ______ and take the ______ of losing their own money.