Definitions
Define: Need or provide an example of a ‘Need’ product
Answer: Something you can’t live life without
A basic necessity such as medicine.
Question: Name two drinks made by Coca-Cola
Answer:
Students may refer to examples such as Coke, Fanta, Sprite, Mount Franklin, Pump, Powerade.
Question: Identify one of the 4 P’s
Answer:
- Product, Price, Place, Promotion
Question: Using recycled materials is an example of an ethical consideration for?
A) Environment
B) Community
D) Employees
Answer: The environment
Question: Who is the best Humanities teacher?
Answer:
Mr. Ditterich
Define: Good or Service
Good is a tangible product that can be picked up or stored. e.g Soft drink
Service is an intangible product that cannot be picked up or stored. Its usually performed.
Question: True or False
Qantas is a business that provides a service of transporting people between locations. They service is a want (not a need) because no one really needs to fly. There are other forms of transport.?
Answer:
True
Question: Distinguish between the product characteristics between goods and services.
Answer: Goods are tangible and can be touched, however, services a intangible and cannot be touched. This means that while goods are physical items that can be stored, services are consumed as they are being produced.
Question: Sponsoring junior sporting clubs is an example of an business ethical consideration for?
A) Environment
B) Community
D) Employees
Answer: The Community
Question: What recent song by ‘ROSE’ and featuring Bruno Mars was a smash hit?
Answer:
APT.
Define: Humanities
Answer: A very good class about understanding and navigating the world in which we live.
This includes the study of Business & Economics, Geography, History and Civics & Citizenship.
Question: Can you name one of Australia’s ‘Big 4’ Banks?
Answer: Some examples include
- Commonwealth Bank of Australia (CBA)
- National Australia Bank (NAB)
- Westpac Bank
- Australia New Zealand Bank (ANZ)
§Question: Apple Inc sell millions of iPhones worldwide. Can you suggest 2 different distributions places a person may buy one from.
Answer: Apple store (shop), Apple website (online)
- Other retailers e.g. Telstra/Optus
Question: Choosing to use local suppliers rather than cheaper materials from overseas is an example of?
A) Planet over Profit
B) People over Profit
D) Profit over People
Answer: B) People (community) over Profit
Question: Identify a customer loyalty program being used at a current business.
Answer
- Students ay refer to examples such as flybuys, everyday, myerone
Define: Ethics
Answer: moral principles that guide a person's behaviour or the conducting of an activity
Question: Give a specific example of a business using artificial intelligence
Answer:
- Students may describe how a business they’re familiar with such as Toyota, ChatGPT, Woolworths, Google or IKEA are using artificial intelligence.
- Students must link to a real example of its use…
Question: A promotional campaign may consist of different methods of advertising or raising awareness of your brand.
Identify at least 3 ways….
Answer: Examples may differ
- E.g. Advertising on social media, radio, newspapers and magazines, billboards, TV.
- Other promotion mediums such as sponsorship, media statements is also acceptable.
Question: Which of the following is not an CSR consideration for employees?
a) Extra health and safety training
b) Using recycled/sustainable materials
c) Employing local people rather than international
Answer: b) recycled/sustainable materials
Question: In 2023, the Australian Football League (AFL) generated approximately how much revenue?
a)$10 million
b) $100 million
c)$1 billion
d)$10 billion
In 2023, the AFL generated over $1.063 billion in revenue
Source: afl.com.au
Define: Corporate Social Responsibility
Answer:
A business’ obligation to go above and beyond minimum legal requirements to benefit the community and the environment. Considering the impact of its actions on People, Plant and Profit
Question: Describe an example of a business using consumer trends and behaviour to respond to an emerging market need.
Answer: Some examples include
- Cafes and restaurants now offering non-dairy milk alternatives
- Various diet fads being catered to such as KETO.
Question: Name a pricing strategy.
Answer:
E.g. Competitive pricing
- % mark up on cost
- Profit goal
- Cost leadership
- Breakeven
Using sustainable materials such has cardboard over plastic packaging is a CSR consideration for the environment.
Question: Identify a disadvantage of trying to be a CSR business?
Answers may include: Extra costs of sustainable materials, changes in quality of materials, time dedicated to ensuring sustainable practices takes away from other areas.
Question: What does BOLTSS stand for when creating Maps in Geography?
Answer:
- In geography, the acronym BOLTSS helps remember the essential elements of a map: Border, Orientation, Legend, Title, Scale, and Source.