business

What is a business?

A business is an organization engaged in commercial, industrial, or professional activities.

What defines an entrepreneur?

An entrepreneur is an individual who creates and manages a business, taking on financial risks to do so.

What is a stakeholder?

A stakeholder is any party that has an interest in, or is affected by, a business's actions.

What is market research?

Market research is the process of gathering information about consumer needs and preferences.

What is a target market?

A target market is a specific group of consumers at which a business aims its products and services.

What is a USP (Unique Selling Point)?

A USP is the feature or benefit that makes a product stand out from competitors.

What is ecommerce?

Ecommerce is the buying and selling of goods and services over the internet.

What is customer loyalty?

Customer loyalty refers to the tendency of consumers to continue purchasing from the same brand or company.

What is price elasticity of demand (PED)?

PED measures how the quantity demanded of a good responds to changes in its price.

What is profit?

Profit is the financial gain obtained when the revenues exceed the costs.

What is breakeven?

Breakeven is the point at which total revenue equals total costs, resulting in neither profit nor loss.

What are some advantages of primary research?

Advantages of primary research include that it is accurate and specific to the needs of the researcher.

What are some disadvantages of secondary research?

Disadvantages of secondary research include that it can be outdated and less specific than primary research.

What are some advantages of ecommerce?

Advantages of ecommerce include 24/7 sales, a wider market reach, and lower operational costs.

What is the importance of ethical behavior in business?

Ethical behavior helps build trust with stakeholders, protects the company's reputation, and ensures compliance with laws.