COVID-19 & Business Response
What was the government wage subsidy program introduced during COVID-19 to support businesses and workers?
JobKeeper
What is AI?
Artificial intelligence is technology that mimics human thinking and decision-making
What is the term for the money a business earns?
Revenue
What is the term for a business’s target group of customers?
Target Market
What is an entrepreneur?
Someone who starts their own business
Name one industry that benefited financially from the pandemic.
Technology / Online Retail / Delivery Services / Mental Health Services
How can AI help businesses improve customer service?
Chatbots, automated replies, virtual assistants
What do we call the cost of running a business?
Expenses
What is the purpose of advertising?
To promote products and encourage sales
Name a famous entrepreneur.
Jeff Bozos, Steve Jobs, Warren Buffett, Mark Zuckerberg
What is one strategy businesses used to keep operating during lockdowns
Online shopping, curbside pickup, work from home
What is one way AI can help businesses during a pandemic?
Predicting demand, automating supply chains, managing remote work
What does "profit" mean?
Revenue minus expenses
Give an example of a marketing strategy businesses use.
Social media ads, discounts, influencer promotions
What is one risk entrepreneurs face when starting a business?
Financial loss, competition, failure
How did restaurants adapt to lockdown restrictions?
Takeaway/delivery services, contactless ordering, ghost kitchens
How does AI impact job opportunities in business?
It can replace some jobs but also create new ones in tech fields.
What is the difference between goods and services?
Goods are physical products, services are activities done for customers.
What is the 4Ps of marketing?
Product, Price, Place, Promotion
What is an innovative business idea that emerged during COVID-19?
Virtual fitness classes, online grocery services
What is an example of a business that struggled during the pandemic and why?
Airlines due to travel bans
Name a real business that uses AI and explain how
Amazon - AI recommends products, predicts demand
Name one major Australian company and what they sell.
Woolworths - groceries
What is "brand loyalty," and why is it important?
When customers keep buying from a business, it ensures long-term success
What does it mean for a business to "pivot"
To change direction and adapt to challenges