1.1c New Business Flashcards
Why do new business ideas arise?
Changes in what consumer wants or changes in technology
What is the meaning of obsolete?
A product or service that is no longer needed or being used.
What is the product life-cycle stages (in order)?
- Introduction
- Growth
- Maturity
- Decline
Which one of these is not a stage in the product life cycle? A) Birth B) Growth C) Maturity D) Introduction
A- Birth
What is e-commerce?
Using the internet to carry out business transactions.
What is m-commerce?
Using mobile technologies such as mobile phones and tablets to carry out business transactions.
Why should entrepreneurs come up with new ideas for the business?
As the trends change the consumers want different things. Due to this the entrepreneur has to be flexible and incorporate the trends consumers want in the product or service.
What is one way business can interact with the consumers?
Through social media platforms where the consumers can give their feedback on the product.
What is adaptation?
Adaptation is the process of modifying the product or service which then allows it to be suitable for a different set of customers
Why is adaptation a risk?
Some adaptations do not succeed which causes the business to go into a loss.
What are payment platforms? Give an example.
They are platforms that enable businesses to take online payments from customers.
Example: PayPal
What is an enterprise?
Entrepreneurial activity (can also mean a business or company)
What is the meaning of consumer?
Someone who buys and uses goods and services.
What is the meaning of entrepreneur?
Someone who creates a business, taking on financial risks with the aim of making a profit from the business
What is a marketplace?
The activities involved in buying and selling particular types of goods or services, in competition with other companies
