Dynamic Nature of business Flashcards
(21 cards)
what is business enterprise
entrepreneurial activity. (business or company)
what is an entrepreneur
someone who creates a business, taking on risks in order to make a profit for the business
what is a consumer
someone who uses goods and services
what is a customer
the person who buys the good or services but may not have used it
what does obsolete mean
out of date or not used anymore
what is an innovation
the process of implementing new ideas e.g creating a new service, system or product
what is e - commerce
using the internet to carry out business transactions
what is m - commerce
using mobile technologies to carry out business transactions
what is social media
websites that allow users to interact with other users, used as it is inexpensive, reaches a mass audience and is very popular
why are payment platforms used
enable businesses to take online payments from customers: free to use, takes small amount of commissioner from seller
define marketplace
the activities involved in buying and selling particular types of goods or services in competition with other companies
define data
information that can be collected and analysed, businesses must hold data securely, not hold for longer than required and used for the purpose it was collected
what is a demographic
relating to the population, such as average age, average income etc…
how is market segmentation used
businesses can segment a market using demographics to target certain groups
Give an example of a risk
startung a business or launching a product knowing that it might fail or lose money
what is a reward
the return you get if your business suceeds
what is added value
increase in value that a business creates by undertaking the production process. selling price - variable costs.
what can cause new business ideas to come about
changes in technology, changes in consumer demand, obsolete products
what are ISA
allow people to hold cash
+ tax free, high interest, save up to 20 thousand
-locked in, inflexible
what are saving accounts
account that encourages you to save money
+safe, easy access, money can go in
-low interest, regular income, return on money isn’t guaranteed
what are premium bonds
has a number that goes in to win money
+safe and secure, tax free, don’t lose money
-irregular income, guaranteed return on money sent
