Products in Society Flashcards
(17 cards)
What is enterprise?
Identifying new business opportunities and taking advantage of them. It can involve starting a new business or helping an existing one to expand by coming up with new ideas.
What is innovation?
When an entrepreneur or a business comes up with a new idea.
What is crowdfunding?
Using websites to promote an idea to a huge number of people, who can then choose to invest money to help fund the idea (these are backers). These people often receive a reward for investing in the company (e.g. a gift, a discount on their services or even a share in the company).
What is marketing?
The promotion of a product of a service.
What is retail?
Selling products or a service to customers.
What is virtual marketing?
Promoting a product or a service on social media, via email, and moving a product nearer to the top of the page in search engine results.
What is virtual retail?
Selling products and services on the internet. Many businesses sell their products online (but in the future it could become a more realistic experience).
What is a co-operative?
A type of business that is owned and run by its members. The members make the decisions about how the business is run, and its profits are shared out between them. These can be small or large businesses.
Why do farmers form co-operatives?
Stronger negotiating power with trading partners and can get higher prices for their produce.
What is market pull?
The wants and needs of consumers - consumer demand. This is affected by changing fashions and social attitudes.
What is Technology Push?
What manufacturers can provide. research and development departments are always coming up with new technologies and materials.
Why is new technology helpful for manufacture?
Might make an existing product cheaper, better at its function and more efficient, all of which make a product more desirable.
How does technology affect the jobs people do?
Technology is always developing, and the introduction of automation in the workplace has often reduced the number of people required to complete manual tasks.
How does technology impact culture?
Products designed to aim at a specific target market need to take into account the views and feelings of those within the target market. This means no one is offended or isolated.
How can technology offend people?
e.g. if a material is made using animal products and someone is a vegetarian.
How is technology designed for the elderly and disabled?
Needs to be more accessible, easier to use and understand. e.g. a mobile phone will have large, easy-to-read buttons that can be used by people with poor eyesight and less mobile hands.
Example of being becoming offended (religiously) by a product
Religious symbols being misused and abused on a product, e.g. an alcohol company placing a religious company on their packaging when that religion disallows drinking.
