BSM 100 Study Guide - Midterm Guide: Iphone 5, Scenario Planning, Leading Edge
18 Sep 2018
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Business: any activity that provides goods and services in an effort to earn profit. Front line: middle ground between company and consumers (communications) Demographics: measurable characteristics of the public (to identify different needs to target) Problem and solution: companies provide a problem to convince the public that their product is the only solution. International corporations: must pay close attention to demographics and geographical locations to survive. Celebrities: influence on the public is advertising for the company. Entrepreneurs: people who take risks to start their own companies so they can make the leap to the market with innovation) Needed because they take risks bigger businesses cannot (they have less to lose. Nature vs. nurture: everyone can access nurture but only 1/10 people succeed due to nature. They don"t have time to finalize and perfect ideas (must beat competition to market) so they can enter the market faster than big businesses can and with new ideas.
