Legal and financial issues
Who do I need to register my business name with?
ASIC
What is a list of tasks the employees will do?
Job description
What is the term for what a business charges for a product?
Who are we aiming our product at is called?
Target market
What is a written rule?
Policy
What is the name of workplace safety?
Occupational Health and Safety
What is the experience and qualifications needed for the job?
Job specification
A business sets a lower price than competitors when first entering a market in order to quickly gain market share is called ?
Penetration pricing
What is the age, gender and income of customers are characteristics of?
Demographic
What are the 4 stages of product life cycle?
Introduction, Grtowth, Maturity and Decline
What is it called when business owners have separate accounts from their personal accounts?
Seperate Legal entity
What do you call the process of choosing the most suitable candidate for a job based on whether they meet the requirements and specifications?
Employee selection
A business that sells products in larger quantities and at lower prices than retailers is called ?
Wholesaler
What is the stage when a product is no longer popular?
Decline stage
A collection of information about existing and potential customers is called
Customer database
Estimating a business’s future financial transactions to ensure it remains in a financially viable position is called
Budgeting
What is the process of introducing a new employee to the business?
Employee induction
the procedure set in place throughout the entire customer purchasing experience at a business is called?
Process
What is it called when we break up the market into groups?
Market segementation
What are the 5 elements of choosing an appropriate suppliers?
Price, Quality, Location, Reliability, , Socially responsible suppliers
What is money coming into and out of the business called?
Cash flow
What is the term for attracting job seekers?
Recruitment
What is another word for getting awareness of a product?
Promotion
information that is collected for the first time by the business for its research purpose is called
Primary data
Who are the 5 external professionals?
Accountants, Financial advisors, Marketing advisors, Legal advisors and ICT specialist