The Dynamoc Nature Of Business Flashcards
What is innovation?
Innovation is the successful commercialisation of an invention, or the adaptation of a product over time to improve its features. It involves changing existing processes or creating new, more effective processes, products and ideas.
What is a dynamic market?
A dynamic market is one that is in a rapidly changing business environment.
What is e-commerce?
E-commerce is any business transaction that takes place using the internet.
What is M-commerce?
M-commerce is any business transaction that takes place through a mobile device such as a mobile phone or tablet.
What do businesses use demographics for?
Businesses use demographics to help them decide on the target market for a product or service they want to offer. Changes in these demographic changes can impact upon consumer wants, for example an ageing population might create new opportunities for businesses that target older consumers.
Meaning and example of obsolete?
Obsolete means ‘out of date’. As products become obsolete, new products replace them. For example, DVDs and CDs have largely been replaced with media-streaming services.
What is adaptation?
Adaptation is the process of changing an existing product or service so that it is suitable for different customers. This can often be seen as a less risky business option than launching a brand new product.
What is one type of adaptation?
Changing the format of a product, for example, a cereal manufacturer might start selling cereal snack bars. Altering the colour or style of a product in response to new fashions and trends in the market. For example smartphone manufacturers continually improve on the original design of the first smartphones, each year making improvements on design and performance in new versions of their products.
What is an example of innovation?
An example of an innovation would be the traditional light source of the candle, which has been replaced several times over the years, most recently with the ultra-efficient, low-energy LED bulb.
How can business ideals come through?
Business ideas can come about through:
changes in technology changes in what consumers want products and services becoming obsolete new and original ideas adapting existing products, services and ideas
