1.1.4 Sources of Business Opportunity Flashcards
1
Q
Business opportunity
A
- Set of circumstances
- Presents itself as an avenue to success
2
Q
Innovation
A
- Either
- Creating a new good, service or process
or - Significantly improving an existing one
3
Q
Market opportunity
A
- A need or want
- That is not currently being met by any business
4
Q
Examples of causes of market opportunities
A
- Changing demographics
- Changing social attitudes + norms
- Changing laws + regulations
- Advancements in technology
5
Q
Changing customer needs
A
The transitions in the desires of consumers
6
Q
Reasons for changing customer needs
A
- Convenience
- Technology
- Trends
- Ethical behaviour
- Income
- Population
7
Q
Market share
A
Proportion of sales a business makes in their industry
8
Q
Global markets
A
- Areas across the world
- In which businesses trade goods + services
9
Q
Benefits of global markets
A
- Reach more customers
- Increase sales
- Increase market share
10
Q
Research + development
A
Activities undertaken to:
- Improve existing products
- Create new products
- Improve production production process
11
Q
Steps of R + D
A
- Idea
- Gather info
- Analyse cost + benefits
- Create + test product
- Launch product
12
Q
Technological development
A
- Invention + innovation of tools
- That solve problems + enhance processes
