Industry and Enterprise (KS 4)

A cooperative;

• can be more resilient than other models of ownership

• is a business democratically owned by its members

• are driven purely by the quest for profit

• benefit from multiple emotionally invested individuals

Fairtrade;

• provides incentives to develop community projects

• ensures that produce can be purchased as cheaply as possible

• ensures workers receive an agreed price for their produce

• helps maximise profit for supermarkets

Automation;

• enable production to continue 24/7, even in dangerous environments

• is cheap to set up and maintain

• Has removed the need for skilled workers

• Increases production speeds, efficiency and output

Virtual marketing;

• includes the use of social media, viral campaigns, email and search engine optimisation

• is more expensive than traditional marketing methods

• is an excellent way of reaching large volumes of potential customers

• allows the same strategy to be used globally

Global markets;

• increases competition

• increases potential customers

• increases consumer choice

• allows companies to sell the same, unmodified product

Fashions and trends;

• encourages manufacturers to be creative and inventive

• encourages manufacturers to produce long-lasting products

• enable manufacturers to maintain sales

• are good for the environment

Designing products to deliberately fail;

• encourages repair and maintenance

• is known as planned obsolescence

• encourages creativity and innovation

• helps maintain the earth's natural resources

The microwave oven;

• was driven by innovation

• was driven by consumer demand

• is an example of a technology push

• is an example of a market pull

The digital camera;

• was driven by innovation

• was driven by consumer demand

• is an example of a technology push

• is an example of a market pull

Crowd funding

• involves raising money for a new business by encouraging a few people to make large contributions

• involves raising money for a new business by encouraging lots of people to make small contributions

• has been made easier with the advent of social media

• Can lead to spiraling debt and financial ruin