Marketing
Operations
Economics
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100
What are the 4 Ps of marketing?
Place, product, price and promotion
100
What does CELL stand for?
Capital, Entrepreneurship, Land and Labour
100
What is supply?
The amount of a product businesses are willing to sell.
100
What is price skimming?
Charging a high initial price then lowering the price when demand decreases
100
What is a public company?
A company whose shares can be bought by the public on the stock market.
200
What does “target market” mean?
The group of people most likely to buy your product or service.
200
What’s the difference between fixed and variable costs?
Fixed costs stay the same; variable costs change depending on sales/production.
200
What are the four main types of economic systems?
Market, command, mixed and traditional
200
What type of business is treated as a separate legal entity?
A corporation!
200
What are the four functions of management?
Planning, organizing, leading and controlling
300
Explain niche and mass market
Niche market: Section of a mass market that's separated due to specific needs/wants
Mass market: Broad, general market that focuses on general needs pertaining to all consumers
300
What is a supply chain?
The steps to get a product from the supplier to the customer.
300
What does equilibrium mean?
Equilibrium: When supply and demand are equal and intersect on the supply/demand graph
300
What is a dividend?
A reward, cash or other payment a company gives to their stakeholders
300
What is data mining?
Analyzing and using raw consumer data to determine interests, trends and preferences
400
Explain what USP (Unique Selling Proposition) is
The area in which fit what consumers want and what your company does that is unique to the market
400
What does inventory mean?
Goods and materials a business has for sale or use.
400
What is a monopoly?
When one business has complete control over a market for a product or service.
400
What is a discount in sales?
A reduction in the selling price of a good or service.
400
What is a public company?
A company whose shares can be bought by the public.
500
What is guerrilla marketing?
A creative, low-cost way to promote a product and grab attention.
500
Name one example of an operational task in a business.
Examples: scheduling staff, ordering supplies, managing stock.
500
Explain and define the term GDP
Stands for gross domestic product
Monetary value of all final goods and services within a country’s borders.
500
What is data collection?
The process of gathering information to use in decision-making.
500
What is a bank?
A business that stores money, offers loans, and provides other financial services.