scale of business Flashcards
what is dynamic environment
a market environment that is constantly changing
what causes the market to adapt
inflation , technology, social trends, competitors
what is a local business
it is often small, limited in size , and limited in number of people it employs and the revenue it creates
ownership of a local business
usually has one owner, has a simple ownership structure with clear communication
finance of a local business
low start up cost , low revenue, low costs , low money available for technology and marketing activities
what market does local businesses focus on
focus on a single area , local community
what production does a local business have
small production scale, producing small numbers
local business employees
small number of employees
community of local business
loyal customers , vital part of community
technology within local business
social media utilised due to effectiveness and low costs
where does national business operate
over the country
ownership of national business
multiple owners, has shareholders
finance of national business
high revenue, high costs , high money for technology and marketing activities
market of national business
more consumers means higher sales , focus on multiple areas , serves country wide
production of a national business
large production scale, making large numbers to sell nationally , multiple retail outlets
