Business and Industry Flashcards
what is innovation?
Innovation is the process of significantly new or improved ideas/resources.
how do businesses seek to create and maintain a competitive advantage?
businesses maintain a competitive advantage by staying up with their competitors, lowering costs, watching global trends and fulfilling a social or market need.
what are the benefits of innovation to the economy?
It’s contribution to economic growth. Increased competitiveness, lower costs and new partnerships/relations.
benefits of competitive advantage to the community?
higher prices, more customers, brand loyalty, best technologies at lowest possible costs.
ways competitive advantage is achieved?
- offering lower costs.
- through innovation.
- research and development.
- advertising and marketing.
- increased productivity.
benefits competitive advantage provides a business.
being 2 steps ahead of your competitors and selling new or improved goods/services at a cheaper price.
types of enterprising behaviours.
- decision making.
- strategic thinking.
- prioritisation.
- innovative and original thinking.
types of business environment concepts.
internal or external force which has an effect on the functioning of a business in a positive or negative way.
business environment concept (describe)
factors like customers, competitors, and social, political, legal conditions.
key concepts of business enviroment.
people who are willing to take risks if it means to make a profit.
types of business enviroment skills.
teamworking skills management skills leadership skills customer service skills financial skills
advantages of internal finance
no set repayment dates and no interest charges.
advantages of internal finance
no set repayment dates and no interest charges.
disadvantages of internal finance.
amount owner can invest is limited to the amount of savings he has.
advantages/disadvantages of external finance.
purchase property fast
