Entrepreneurship: Involves identifying a potentially profitable business opportunity and organising resources to produce and market goods or services.
Factors influencing product choice include:
Efficient quality production requires:
1. What does entrepreneurship involve?
2. Which consideration most directly indicates whether a proposed small-scale product is suitable for the market?
3. A small producer wants to reduce waste and ensure that every batch has consistent quality. Which combination would best support this goal?
What does entrepreneurship involve?
Identifying profitable opportunities and organising resources to produce and market goods or services.
Which factors influence choosing a suitable small-scale product?
Customer demand, skills, resources, location, suppliers, product quality, and profitability.
What is required for efficient production of quality products?
Suitable equipment, reliable raw materials, effective storage, skilled labour, planning, and quality control.
What are typical start-up needs for a home-based business?
Equipment, space for stock, electricity, administrative facilities, capital, and initial stock.
Which materials are used in sustainable production practices?
Leftover materials, recycled paper, solar energy, and local raw materials.
What does a marketing plan organise using the 5P strategy?
The production and marketing of a product.
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