Studied by 1 person
Good
a tangible product which can be touched
Service
an intangible product which cannot be touched
Dynamic market
A market that is constantly changing.
Obsolete
Out of date or not used anymore
Demand
A number of goods and services that customers are willing and able to buy at a given price
Enterprise
The formation of a new business bringing together factors of production or development of a new good or service
Entrepreneur
Someone who takes a risk in starting a business to earn a profit
Differentiation
Adapting an existing product to stand out from competitors
Competitive Advantage
An advantage over competition that makes a business stand out against competitors to attract customers
Consumer
End-user who consumes the good or service
Customer
Someone who buys the good or service from a business for either re-sale or own use
Original ideas
Ideas of a product/service that have not been used before
Business failure
when a business can't meet its obligations and may need to restructure or close down
