The Dynamic Nature of Buisness Flashcards
What is an entrepreneur?
A calculated risk-taker that sets up a business to in return for financial gain.
What is demand?
A requirement for a product or service.
What is a consumer?
A person or organization who uses and buys a product or service.
What does obsolete mean?
This is when a product or service is no longer on demand.
What is e-commerce?
Any busness transaction that takes place using the internet.
What is m-commerce?
Any buisness that takes place using a mobile device such as a mobile phone or tablet.
Which are the 3 types of e-commerce?
B2b (buisness to buisness)
B2c (buisness to consumer: normal online shopping)
C2c (consumer to consumer: online auction.)
How is social media useful for a buisness?
Social media provides a quick and free way of promoting buisness.
What is brand awareness?
It is the extent to which people and consumers are aware of the qualities and image of a brand or model.
Define “promote”.
To use advertisement and publicity and advertisement to increase sales of a product.
What is an influencer?
They are a person on social media who has many followers and can influence people to purchase certain good and services.
What is target market?
A group of people or area of the market a buisness aims to sell its products or services.
What are demographics?
Demographics are what countries population is made up of. This includes things like age, gender, wages etc.
What is innovation?
New methods, ideas, or products.
What is adaptation?
The process of improving or modifying a product or service to be more attractive and better, thus avoiding it becoming obsolete.
