U1 - T1 Fundamentals
Organisational culture, organisational structure, employees and owners/management
What is the name of the pyramid that ranks a person's needs in the order that a person will seek to fulfill them?
Maslow's Hierarchy of Needs
What is the riskiest stage of the business life cycle?
Start-up stage.
What does ACL stand for?
Australian Consumer Law
What is Mr Murray's first name? Bonus point for what he gets called.
Lachlan. Lachy.
List the four external operating environment factors.
Suppliers, customers, competitors and interest groups.
Maslow's Hierarchy has 5 tiers: Physiological, safety, .........., esteem and self-actualisation. What is the third tier called.
Sense of belonging or social needs.
A management structure is described by the acronym POLC. Planning, O........, L........ and Controlling. What do the O and L stand for?
Organising and Leading
The four factors that influence consumer buying behaviour are: psychological, sociocultural, government and .........
Economic.
What is a monotreme?
An egg laying mammal. Platypus and echidnas are the only two.
What do the three E's in a STEEPLE analysis stand for?
Economic, environmental and ethical.
List two skills or characteristics of an entrepreneur.
Creativity, boldness, passion, motivation, interpersonal skills, adaptability, perseverance, determination, confidence, discipline.
What are the three pathways to starting a business?
Open a new business, buy an existing one, enter a franchise.
List the four phases of the economic cycle.
Peak, recession, trough, recovery.
What is the capital city of Russia?
Moscow.
The business life cycle has 5 stages. What is the third stage.
Seed, start-up, GROWTH, maturity, post-maturity
New technology in an existing market is what type of innovation? Give an example for bonus points.
Disruptive. E.g. Uber
How many employees does a small business have?
1-19 employees.
The four P's of marketing are:
Product, price, promotion, place.
Which iconic Australian country singer sung G'day G'day, Duncan, Lights on the Hill and The Only Time a Fisherman Tells the Truth?
Slim Dusty.
A business that does not provide a profit/benefit for those running the business is called a...
Not-for-profit business
The competitive environment is split into four market structures: oligopoly (O), perfect competition (PC), monopoly (M) and monopolistic competition (MC).
Rank them using their initials from most competitive to least.
Perfect competition, monopolistic competition, oligopoly, monopoly.
What are the four stages of the employment cycle? A........, d........, m........., s...........
Acquisition, development, maintenance, separation.
A group that you identify with in terms of attitudes, beliefs and values, and you compare yourself to when making decisions is called a....
Reference group.
Who was the first person to cross the Australian continent? Bonus points if you know who he beat to the finish line.
John McDouall Stuart. He beat Burke and Wills who perished on their journey.