Additional terms
What renewable energy source is BON considering to power its music festival sites?
Solar Power
This term describes the process of distinguishing an organization’s products from those of other firms in the same industry.
Differentiation
What factor influences the cost of borrowing so has an impact on attendance numbers at music festivals?
Interest rates
Which term refers to an individual hired by BON for specific project tasks without any long-term commitment?
Freelancers
List 3 potential revenue streams for BON.
Ticket Sales
Merchandise Sales
Vendor rent/fees
Sponsorship Deals
Camping fees/upgrades
Where does BON send festival waste after each event?
Landfills
Term that describes the practice of misleading the public about environmental sustainability initiatives.
Greenwashing
What prompted BON to convert from a private limited company to a public limited company in 2016?
BON converted to a public limited company (publicly held company) in order to raise finance for expansion.
Who is responsible for overseeing each temporary staff member's activities and performance?
Line Managers
Term for a large natural or artificial lake used as a source of water supply.
Reservoir
What payment method does BON offer to attendees for cashless transactions?
Credit cards
List the 7 Ps of the Marketing Mix
Product, Price, Placement, Promotion, Physical Evidence, People, and Processes
What is the correct calculation for average cost per unit?
(Total Fixed Costs + Total Variable Costs) /
# of units sold
List five external stakeholder groups of BON
Customers, i.e., attendees at music festivals.
Local communities surrounding the music festival venue.
Sponsors and partners (those that support and finance music festivals).
Music performers and artists.
Farmers who rent out their farmland to BON.
Government entities and regulatory agencies.
Competitors
Refers to business spending on non-current assets or capital equipment of a business.... the long-term investment of an organization on assets that offer gains in efficiency and productivity.
Capital Expenditures
What eco-friendly alternatives did BON adopt for its music festivals?
Bamboo cutlery
This "P" is about the way in which a service is provided or delivered to customers. It refers to the operational aspects of a service, such as the management of booking and queueing systems
Processes
List 5 external sources of finance.
Loans, Share Capital, Angel Investors, Venture Capital, Grants/Subsidies, Leasing, Crowdfunding, Overdrafts, Trade Credit, Microfinanciers
List two advantages for BON of employing temporary workers for its music festivals.
Flexibility
Cost-savings
Specialized skill or expertise
Refers to the ease with which a business can convert its assets into cash without affecting its market value, i.e. it measures a firm’s ability to repay short-term liabilities without having to use external sources of finance.
Liquidity
How many music festivals does BON organize each year?
BON organizes five music festivals each year during the months of May to August.
A target market that is a clearly identifiable, specific group of customers who have unique needs, tastes and preferences.
Niche market
How do you calculate working capital?
Current assets - Current liabilities
This term describes the use of external (third-party) businesses for the completion non-core business operations. (such as legal services, janitorial, etc.)
Outsourcing
List 4 external growth methods
Merger, Acquisitions, Takeover, Franchise, Strategic Alliance, Joint Venture