Competitive Strategies
What is cost leadership?
Offering the lowest price in the market to attract price-sensitive customers.
What are the 4Ps in the marketing mix?
Product, Price, Place, Promotion.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
Name one common trait of an entrepreneur.
Creativity...
What does CSR stand for?
Corporate Social Responsibility.
What is breakeven?
The point where total revenue equals total costs.
Give one benefit of product differentiation.
It helps a business stand out and attract loyal customers.
What is an example of promotion?
Advertising a product on social media or teacher discretion
What is a USP?
Unique Selling Proposition - what makes a product or business stand out.
What is the definition of entrepreneurship?
Starting and running a business to make a profit.
Given an example of CSR
Donating a portion of profits to charity or teacher discretion
Name one of the business compliance requirements in Australia?
Registering for an Australian Business Number (ABN)
What does 'focus strategy' mean in competitive advantage?
Targeting a specific market niche with tailored offerings.
Why is 'place' important in the marketing mix?
It ensures products are available where and when customers need them.
Why is it important to analyse threats in SWOT?
To prepare for risks that could impact business success.
Why is risk-taking important for entrepreneurs?
They often invest time and money with no guarantee of success.
Why is CSR important to businesses?
It builds reputation and trust with customers.
Why is keeping financial records important?
To track business performance and meet legal obligations.
Explain how social media marketing supports competitive advantage.
It increases brand awareness and customer engagement at low cost.
Give one example of psychological pricing.
Setting a price at $9.99 instead of $10.
Give an example of a strength a small food business might have.
Freshly made products using local ingredients or teacher discretion
Name one skill entrepreneurs need and explain why.
Problem-solving: to overcome challenges during business operation.
How can CSR be linked to marketing?
It can be used to promote ethical brand values.
What are fixed costs?
Costs that stay the same regardless of how much is produced.
Give one real-life example of a company using innovation as a competitive strategy.
Teacher Discretion
How can a business change its marketing mix to enter a new market?
Adjust product features, pricing strategy, promotion channels, and distribution methods.
How can identifying a USP help a business in its marketing?
It helps target the right audience and communicate value clearly.
Explain the role of an entrepreneur in the economy.
They create jobs, innovate, and contribute to economic growth.
Give an example of how a business can reduce environmental impact.
Switching to recyclable packaging or teacher discretion
What does 'profit margin' mean?
The amount by which revenue exceeds costs, usually expressed as a percentage.