Question

Explain the concept of business.

Answer 1

An idea for the business includes basic information such as service or product, the target demographic ,and unique selling proposition that gives a company an advantage over competitors. A business concept may involve a new product or simple a novel approach to marketing and delivering an existing product.

Explanation:

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Answer 2

Hey Mate !

Concept of Business

• In Layman terms, business means to get something at low cost and sell it at a higher cost, meanwhile, the margin produced between that is the profit. Business’s only purpose is profit, it is driven by it. Business is derived from the word ‘busyness’ meaning engaged in an activity.

• If we were to define business in much finer terms, we can say that “Business is any occupation which includes all activities which are connected with production or procurement of goods for sale and adding a profit margin to that costs for further selling it to the customer for the satisfaction of their needs.”

• Most importantly, the business aims at a profit but only through the satisfaction of the needs of the customers. The business includes every occupation in which people are busy in earning the income by the means of either producing, purchasing, selling or exchanging goods or services to fulfill needs of other people with the objective of making a profit.

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