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ap business unit 1
| Question | Answer |
|---|---|
| pestel stands for: | political economic social technological environmental legal |
| value creation | customer benefit |
| value capture | business receive financial value (costs $5 to make but charges $10) |
| monopoly | -one company dominates market -high prices -ex: water, electrcity, etc |
| oligopoly | -a few large companies (2-10) dominate market -limits choices -moderate to high prices -ex: airlines, phones, etc |
| monopolistic completition | -many companies sell but slightly different -a lot of them -often driven by brand image/presitge -ex: restaurants, clothing, coffee shops, etc |
| perfect competition | -many sellers offer same products with little to no differences -very many of them -supply + demand -ex: farms, gas stations, etc |
| barriers to entry risk types | -financial risk: spend time to create with no profit after -operational risk: human error, broken system or external events -market risk: customers simply dont like the product/service competitive risk: rivals create same/better product/service |
| mvp | minimum viable product |
| political vs legal | Political: Government policies and political dynamics (ex: taxes, trade policies w/ other countries, gov bans, etc) Legal: Specific laws, rules, and regulations (ex: health and safety laws, employment laws (no underpay), environmental regulations, etc) |
| Problem Validation vs. Solution Validation | problem validation: confirm the problem exists solution validation: test whether the proposed solutions works |
Created by:
acuda25