Lesson: Socio Economic Impact Study Part 2 Flashcards
refers to an enterprising entity or organization that carries out
professional activities. They can be commercial, industrial, or others.
BUSINESS
is a person or entity that
buys goods or services from a business for their own use or consumption.
CONSUMER
refers to the type of commerce where businesses sell their products or services directly to consumers.
“Business-to-consumer”
POSITIVE IMPACTS OF BUSINESS TO CONSUMER:
Increased Access to Products and Services
Convenience
Price Transparency
NEGATIVE IMPACTS OF BUSINESS TO CONSUMER:
Privacy Concerns
Information Overload
Quality Control
How can the new business attracts the customers:
Innovate the Product
Improve the quality of the product
Sell at Low-cost
the heart of a Business.
Innovation
process of developing a new product or enhancing an old one to creatively satisfy the needs of consumers
Product innovation
Significant impact on consumer pleasure and loyalty. This could attract the market that values high product quality
Quality
an organization that produces or manufactures goods or materials that are then
sold to other businesses for use in their own products or services.
Suppliers
POSITIVE IMPACT OF BUSINESS TO SUPPLIERS:
Increased demand
Long-term relationships
Increased brand awareness
NEGATIVE IMPACT OF BUSINESS TO SUPPLIERS
Dependence on one customer
Price pressure
Unpredictable
Demand
plays a regulatory role in business by setting and enforcing standards for fair
competition and protecting consumers from fraudulent or deceptive business practices.
Government
POSITIVE IMPACT OF BUSINESS TO THE GOVERNMENT
Taxation
Job Creation and
Employment
Infrastructure Development
NEGATIVE IMPACT OF BUSINESS TO THE GOVERNMENT
Corruption
Tax Avoidance
and Evasion
