1.1.1 the dynamic nature of business Flashcards
adapting existing products
Finding new products based on the original one
Like different flavoured magnums
Competetive Advantage
A feature of a business that helps it succeed against rivals
Consumer
Someone who buys goods or services
Demand
The number of units that customers want to buy and can afford
Dynamic nature of business
The idea that business is ever-changing because external factors,such as technology,are always changing.
E-commerce
Using the internet to carry out business transactions
Enterprise
Entrepreneurial activity
Entrepreneurs
Business people who see opportunities and are willing to take risks in making them happen
M-commerce
Using mobile technologies, such as smartphones and tablets, to carry out business transactions
Obsolete
A product or service with sales that have declined or come to an end as customers find something new
Venture capital
Risk capital provided by an investor willing to take a risk in return for a share in any later profits; the venture capital provider will take a share stake in the business.
WHAT IS A SERVICE?
THE ACTION OF HELPING SOMEONE OR DOING SOMETHING FOR MONEY.
WHAT IS A PRODUCT?
AN ARTICLE OR SUBSTANCE THAT IS MANUFACTURED OR REFINED FOR SALE.
WHAT DOES DYNAMIC MEAN?
CONSTANT CHANGE IN ACTIVITY OR PROGRESS.
what is a service
A service is an act that a business person carries out for you in exchange for money,
