Topic 1.1 - Enterprise And Entrepreneurship Flashcards
What are the four stages in a product’s life cycle?
Introduction
Growth
Saturation and maturity
Decline
What is an entrepreneur?
Someone who creates a business, and takes financial risks with the aim of making a profit from the business
What is an enterprise?
Entrepreneurial activity (company/business)
What is a consumer?
Somebody who buys and uses goods and services
What does obsolete mean?
Out of date or not used anymore
What is E-commerce?
Using the internet to carry out business transactions
What is M-commerce?
Using mobile technologies, such as smart phones and tablets, to carry out transactions
What is social media?
Websites or apps that allow users to interact with each other
What are payment platforms?
Enable businesses to take online payments from customers
What is innovation?
The process of transforming inventions into products that can be sold to custmers
What is Blue Sky thinking?
A technique of creative thinking where participants are encouraged to think of as many ideas as possible about an issue or a problem
What is a patent?
A legal document giving the holder exclusive intellectual property rights over a specific invention when it is registered with the government. Protects intellectual property for only a few years
What is copyright?
A legal right of the owner of intellectual property, legally prevents it from being copied by others
What are trademarks?
A symbol, word or words legally registered or established by use as representing a company or product
What is a competitive advantage?
A feature of a business that helps it succeed against its rivals
