Tools
PEST
What is political, economic, socio-cultural and technological?
A business owned by an individual.
What is sole trader?
Intangible products that use mostly labour to satisfy consumer needs.
What is services?
The automatic protection of the original expression of ideas, but not the ideas themselves.
What is copyright?
The ability of a business idea to deliver benefits that exceed those of competitors.
What is differentiation advantage?
SWOT
What is strengths, weaknesses, opportunities and threats?
Listed on the Australian Stock Exchange
What is a public company?
An organisation that produces or distributes a good or service for profit.
What is a business?
A right granted for an invention or innovation that is new and has not been disclosed in the market before.
What is a patent?
The ability of the business to offer products or services that meet or exceed market standards in relation to other businesses.
What is point of difference?
Specific, measureable, attainable, realistic and timely
What is SMART goals?
A business owned and operated by two or more people.
What is partnership?
A philosophy or set of principles which steers the direction and behaviour of an organisation.
What is a vision statement?
Protects the visual appearance or design of the product and grants the owners the exclusive rights to commercially use, license or sell the design.
What is a registered design?
Monopoly, Oligopoly, Monopolistic and Perfect
What is competitive markets?
Part of contingency plan for changes in the elements of the external environment
What is STEEPLE analysis?
Legal form of business with fewer than 50 shareholders.
What is a private company?
Innovation that happens when a smaller business with fewer resources is able to successfully challenge an established business in the market by focusing on the market segment that is overlooked and then moving into the mass market.
What is Disruptive innovation?
Protects brand names, logos, original sounds and scents, and even aspects of packaging.
What is registered trademark?
The ability of a business idea to deliver the cheapest product on the market that meets the standard expectations.
What is cost advantage?
SCAMPER
What is substitute combine, adapt, modify, put to another use, eliminate and reverse?
When a business owner is personally responsible for all of the debts of his/her business.
What is unlimited liability?
A word often used to refer to all businesses within a category.
What is industry?
Any valuable business information that is not generally known and that efforts are made to keep confidential as a competitive advantage.
What is trade secrets?
A key factor that differentiates one product from another. It is the competitive edge.
What is unique selling proposition?