business Flashcards
(22 cards)
business opportunities- innovation
creating a new good, service or process, or significantly improving and existing one
entrepreneurship
ability to start, operate and assume the risk of a business venture in the hope of making a profit
buisness oppurtunities- reaserch and development
a set of activities undertaken to improve existing products, create new products and improve production process
business oppurtunitues- technological devolopment
applications of knowledge that have changed peoples lives and changed the way a business operates
SMART goals include
specific
measurable
attainable
relevant
time bound
types of goals
financial and social
financial goals
improving the overall financial performance of a business, key to long term survival and success
social goals
aim to improve the welfare of the community environment or employees of a business
decision making includes
develop goals
outline the facts
identify alternative solutions
analyse the alternatives
choose an alternative and implement it
business concept
a brief outline of the buisness idea, its main selling activities and the features that will provide a competitive advantage
5 methods of ITP
trademark
patent
copyright
domain name
design rights
design rights
rights given to the owner to commercially use, license and sell a design
copyright
a collection of rights automatically vested to you once you have created and original work
patent
encourage innovation and commercialism of technological advances, to publicly disclose their inventions in exchange for certain exclusive rights
trademark
word, phrase, symbol or design that identifies and distinguishes a business
market research
a process involving gathering and analysing information concerning a specific market
market research process
step 1- identifying what information is needed to make a decision about the buisness
step 2- gathering the relevant information from appropriate sources
step 3 - analysing and enterpreting the relevant results to extract clear info
quantitive data
numerical data
qualitative data
non numerical data
feasibility studies
a assessment of the business, ideas potential for success, this involves determining how practical the idea is and if it would successfully translate to the market
economic wellbeing
is reflected by the financial stability and security and prosperity of a nation
social wellbeing
reflected by the non material living standards of a nation
