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Unit 2 Flashcards

1
Q

Research

A

includes any gathering of data, information or facts for the advancement of knowledge

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2
Q

Primary Research

A

involves gathering data that has not been collected before

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3
Q

Secondary research

A

Data that has been already produce

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4
Q

Primary research methods

A

Interviews - meeting we questions are asked
Observations - taking note of something as it happens
Sampling - the process of selecting a group to represent a larger group

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5
Q

steps to follow when conducting research

A

Define the problem
Determine data need
Select research method
Collect the data
Analyse the data
Write a research report

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6
Q

Ethics

A

are the morals and principles that are acceptable in humans or organizations

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7
Q

Ethics of research

A

is the consideration of moral and principles when conducting research

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8
Q

Plagiarism

A

is using information that doesn’t not belong to you without the acknowledgment their work

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9
Q

Methods of referencing

A

Oxford Referencing Style

Harvard Referencing Style

Chicago Referencing Style

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10
Q

Export processing zones

A

is an area established to promote the export of local products

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11
Q

The aim of EPZ’s

A

in order to attract foreign investors that can create jobs and expand the industry and economy

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12
Q

Advantages of EPZ

A

Job creation

Innovative technology can be introduce

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13
Q

Disadvantages of an EPZ

A

There is restricted labour movement

Unsafe environments are usually associated with epz

As more epz are created, there is an inventive to keep costs low in order to compete, so workers will receive low wages while having in endure unsafe working conditions

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14
Q

E-commerce

A

is the use of electronic media for the trading of goods and services

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15
Q

Advantages of e-commerce for business

A

Increased customer base

Cost effective

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16
Q

Disadvantages of e-commerce for the business

A

Increased competition

Newcomers are often overlooked

Slow adaptation

17
Q

Advantages of e-commerce to the customers

A

Cost effective

Wide variety of choice

Increased convenience

18
Q

Disadvantages of e-commerce

A

Fraud

Returning of products is expensive

There is no human interaction

19
Q

International entrepreneurship

A

is the process of an entrepreneur conducting business activities across national borders

20
Q

International trade

A

exporting and importing of goods and services between countries

21
Q

Advantages of international entrepreneurship

A

Access to new markets
Job creation
Attracting investments

22
Q

Disadvantages of international entrepreneurship

A

Social welfare issues

Environmental issues

Political issues

Cultural identity issues

23
Q

Market penetration

A

when a business gains a large share of the market where similar products already exist

24
Q

Marketing

A

is the process of identifying the wants and needs of people and anticipate future wants and needs

25
Q

Objectives of Marketing

A

Increase sales

Increased profit

Build and enchance customer relationship

26
Q

Components of marketing mix

A

Price - the exchange of goods and services customers are willing to pay for

Place - refers to where your business sells a good or service

Product - is the good/service, sold or rendered

Promotion - refers to the different ways an enterprise informs customers and potential customers on a product

27
Q

methods of pricing

A

Cost based pricing

Demand oriented pricing

Competition oriented pricing

28
Q

Principles of ethical marketing

A

The privacy of customers should never be compromised

Ethics should be discussed open

29
Q

Market Strategy

A

is a plan an entrepreneur chooses to increase sales and achieve a competitive advantage

30
Q

Effective marketing strategies

A

Advertising
Branding
Financing
Distribution
Research

31
Q

Effective advertising strategies

A

Mass media

Electronic marketing

Sponsorships

32
Q

Team Namibia

A

is a member based non-profit association formed aimed at encouraging Namibian consumers to buy local products

33
Q

Aims of Team Namibia

A

To promote entrepreneurship

To support the growth of local products

Working towards a sustainable future

34
Q

Ways Team Namibia promotes entrepreneurship

A

Offering promotional opportunities

Offering information on consumer topics (market intelligence)

Offering networking opportunities

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