BTEC Level 2 Enterprise Component 2
questions and answers latest update
2025/2026
Innovation - answerAn improvement of an existing technological product, system, or method of doing
something.
Goods and services - answerthe objects (goods) and the actions (services) that people value and
produce to satisfy human wants
Provisions of goods and services in a new context - answerTaking existing ideas and changing the
context in which is sold by; Giving it a new use or viewpoint, changing how often something is used
Provision of goods and services in a new market - answerTaking an existing idea and changing the
market it is sold in - Could be targeting a new geographic area or creating a new market for it
human resources - answerPeople who work to produce goods and services or within our business
financial resources - answerthe funds used to acquire the natural and human resources needed to
provide products; also called capital
Costing and pricing - answerFinding the costs of our enterprise and determining the best way to price
our products and services according to our costs
Methods of Promotion - answeradvertising, public relations, personal selling, sales promotion, direct
marketing, online/social media
Methods of communication - answerWeb Banners, Letters, Promotional Material, Emails, Billboards,
Social Media, Radio, Text Messages
social media - answerwebsites and applications that enable users to create and share content or to
participate in social networking.
, Target Market - answera set of buyers sharing common needs or characteristics that the enterprise
decides to serve
Skills - answerThe ability to do something well, usually gained through training or experience
potential customer - answerAnyone willing and able to buy your product.
Skills audit - answerA formal process used to determine the present level of skill and any skill shortfalls
that need to be made up either through recruitment or through training
Gap in the market - answerOccurs when no business is currently serving the needs of customers for a
particular product.
Leadership - answerThe action of leading a group of people or an organization
personal skills - answerthe ability to manage aspects of your life outside of work
communication skills - answerthe ability to speak, listen, and write effectively
technical skills - answerthe ability to apply specialized knowledge or expertise
practical skills - answerThe ability to perform specific tasks
financial aims - answerAims linked to sales revenue and profit
Sales Revenue - answerincoming money from sales of products and Service
profit/Loss - answertotal revenue minus total cost
questions and answers latest update
2025/2026
Innovation - answerAn improvement of an existing technological product, system, or method of doing
something.
Goods and services - answerthe objects (goods) and the actions (services) that people value and
produce to satisfy human wants
Provisions of goods and services in a new context - answerTaking existing ideas and changing the
context in which is sold by; Giving it a new use or viewpoint, changing how often something is used
Provision of goods and services in a new market - answerTaking an existing idea and changing the
market it is sold in - Could be targeting a new geographic area or creating a new market for it
human resources - answerPeople who work to produce goods and services or within our business
financial resources - answerthe funds used to acquire the natural and human resources needed to
provide products; also called capital
Costing and pricing - answerFinding the costs of our enterprise and determining the best way to price
our products and services according to our costs
Methods of Promotion - answeradvertising, public relations, personal selling, sales promotion, direct
marketing, online/social media
Methods of communication - answerWeb Banners, Letters, Promotional Material, Emails, Billboards,
Social Media, Radio, Text Messages
social media - answerwebsites and applications that enable users to create and share content or to
participate in social networking.
, Target Market - answera set of buyers sharing common needs or characteristics that the enterprise
decides to serve
Skills - answerThe ability to do something well, usually gained through training or experience
potential customer - answerAnyone willing and able to buy your product.
Skills audit - answerA formal process used to determine the present level of skill and any skill shortfalls
that need to be made up either through recruitment or through training
Gap in the market - answerOccurs when no business is currently serving the needs of customers for a
particular product.
Leadership - answerThe action of leading a group of people or an organization
personal skills - answerthe ability to manage aspects of your life outside of work
communication skills - answerthe ability to speak, listen, and write effectively
technical skills - answerthe ability to apply specialized knowledge or expertise
practical skills - answerThe ability to perform specific tasks
financial aims - answerAims linked to sales revenue and profit
Sales Revenue - answerincoming money from sales of products and Service
profit/Loss - answertotal revenue minus total cost
