BUSINESS BASICS
What is a business?
WHAT IS....an organisation that sells goods or services to make money
Money spent to run a business
WHAT ARE....expenses?
What was the purpose of Vendor Day?
WHAT IS...to create and run a business?
What is advertisement?
WHAT IS....a way to tell people about a product?
Someone who starts a business..
WHAT IS...an entrepreneur?
The amount customers pay.
WHAT IS...price?
A person who buys goods or services
WHAT IS... a customer?
Money left after expenses are paid
WHAT IS...profit?
Name one thing students had to prepare for Vendor Day
WHAT IS...create acPoster / pricing / products / budget / advertisement?
Why do businesses advertise?
WHAT IS...to attract customers?
What makes a good entrepreneur?
WHAT IS...Creativity / responsibility / confidence / hard work?
Difference between goods and services?
WHAT ARE...
Goods = physical items
Services = work/help provided
Products you can buy and touch
WHAT ARE...goods?
You buy candy for $1 and sell it for $2. What is the profit?
WHAT IS..$1?
Why is customer service important?
WHAT IS...Customers are more likely to buy and return?
Which would be the best promotion for a snack business?
A) Blank paper
B) Colourful poster with prices
C) No sign
D) Closed door
WHAT IS...B?
If no one buys your product, what should you change?
WHAT IS...Price / product / advertisement?
A product costs $3 and sells for $5. Profit?
WHAT IS...$2?
Work or help that a business provides.
WHAT ARE....services?
You spend $10 and make $15 in sales. What is your profit?
WHAT IS...$5?
What happens if your prices are too high?
WHAT IS...Customers may not buy?
What does promotion mean in business?
WHAT IS...Encouraging customers to buy?
Why should entrepreneurs think about customers first?
WHAT IS...Businesses need customers to make sales?
Why is planning important before starting a business?
WHAT IS...helps organize costs, products, and customers?
The whole idea of starting and running your own business
WHAT IS....entrepreneurship?
A student buys 12 sodas for $1 each and sells them for $2 each. Total profit?
WHAT IS....
Cost = $12
Sales = $24
Profit = $12
A student spent $8 making bracelets and sold them for $20 total. Profit?
WHAT IS...$12?
Name TWO ways a business can promote products
WHAT ARE....posters, social media, flyers, word of mouth, announcements?
A student wants to sell ice cream outside on a rainy day. What business problem might happen?
WHAT IS...Low sales / fewer customers?
What are the 3 P’s of business?
WHAT ARE...Product, Price, Promotion?