bussiness

• state one method business can use to financially motivate employees

  bonuses
• state one measure a business can use to judge its success

  sale growth
• one benefit to a business of being a partner ship

  additional knowledge and wider point of view
• one way social media can be used by a business

  marketing
• the main features of business activity are

  goods and services
• the purpose for business activity in the private sector

  to make profit
• the purpose for business activity in social enterprises

  raise money, for other causes
• the purpose for business activity in the public sector

  provides what private sectors fail to provide adequately
• internal stakeholders

  employees, managers, owners
• external stakeholders


  suppliers, consumers, shareholders
• external factors that change businesses environments

  economic climate, social factors, government legislation
• what is the primary sector?

  involves extracting of raw materials from the earth; agriculture, fishing, mining
• what is the secondary sector?

  involves the conversion of raw materials into finished goods and semi-finished goods; car manifacturer
• what is the tertiary sector?

  the provision of a wide variety of services; commercial, financial, leisure
• what is market research?

  involves gathering, presenting and analysing information regarding the marketing and consumption of goods and services.
• what is the purpose of market research?

  identifies the gap in the market, reduces risk, identifies costumers needs and wants, informs business decisions
• what is primary research?

  gathering the information first hand
• what is secondary research?

  gathering information that already exists
• what sectors are made within market segmentation

  geographic, demographic, economic, lifestyle
• benefits of market segments

  better serves the needs of consumers, improved market share
• geographic segmentation?

  nations, cities, neighbourhoods
• demographic segmentation

  age, race, gender, relgion
• economic class segmentation?

  upper class, working class, middle, skilled, poor
• lifestyle segmentation?

  lifestyle, personality traits, social status