Business Studies: Concepts and Analysis

A business is an organization involved in the trade of goods, services, or both, while a company is a legal entity formed to engage in business activities.

Market segmentation is the process of dividing a market of potential customers into groups or segments based on different characteristics, such as demographics, behavior, or needs.

SWOT analysis helps businesses identify their Strengths, Weaknesses, Opportunities, and Threats, enabling them to develop strategies that capitalize on strengths and opportunities while addressing weaknesses and threats.

<p>Businesses can benefit from economies of scale by increasing production volume, which leads to lower average costs per unit, thus improving profitability.</p> Signup and view all the answers

<p>Corporate social responsibility (CSR) involves a company's initiatives to take responsibility for its impact on society and the environment. By engaging in CSR activities, companies can build a positive reputation, enhance brand loyalty, and contribute to long-term sustainability.</p> Signup and view all the answers

<p>Diversification involves expanding a company's product or service portfolio to reduce risk and increase market share. Companies can diversify by entering new markets, developing new products, or acquiring complementary businesses.</p> Signup and view all the answers