The Business Idea and External Environment
Name one personal motivation for starting a business
Independence, profit, fulfil a market/social need
The letters 'Pty Ltd' at the end of a business name means it is a...
Private company
What is a procedure?
A series of actions that enable a policy to be put into practice
Name two things to consider when identifying staffing needs
Capital of Finland
Helsinki
Name two characteristics of an entrepreneur
Risk taking, initiative, seizes opportunities
Locating a chemist next to a doctor's clinic is called proximity to ______________
Complementary businesses
Name the 4 key segmentation variables
Demographic, geographic, psychographic, behavioural
What is the difference between job description and job specification?
Description: job title, purpose, tasks, responsibilities and working conditions
Specification: qualifications needed – education, skills, knowledge, experience and personal qualities
Who is Mabo house named for?
Eddie Mabo
Give an example of one global consideration a business would need to make if it was trying to expand overseas
Exchange rates, intellectual property, offshoring labour, online sales, overseas competitors
Give 3 examples of a capital resource for a restaurant
Oven, cash register, computer, tables, chairs, kitchen equipment etc
Give 2 benefits of using the Just in Time strategy for inventory control
Name three employer expectations
Employment contracts, business loyalty, terms of notice etc
Which teacher has the staff code STC?
Ms Strachan (Courtney)
Describe two ways that a business can contribute to the wellbeing of a nation
Employment, tax revenue, economic growth, exports, research and development, career and social, innovation, CSR
Give two benefits and two costs of starting a business from scratch
Benefits - no goodwill to pay, no poor reputation from past, more control
Costs - no customer base, have to buy equipment, hire new staff
Name 2 positives and 2 negatives of using AI in marketing
+ saves time, money, can track habits, learns customer behaviour
- ethical concerns, customers are wary, cannot replicate humans
Name 2 positives and 2 negatives of external recruitment
+ wider range of applicants, fresh ideas, increase staff numbers, different qualifications
- unknown applicants, costs, time consuming, employee morale
What year was HPSC established? 1981, 1986, 1991, 1996
1986
Give two benefits and two costs of Amazon using drone delivery
Benefits: no traffic, quicker delivery, less delivery costs due to no driver or petrol
Costs: less employees needed, possible issues in air, only small packages, failure of tech could result in lost or damaged packages
Crowdfunding is ...
Financing through donations from the public e.g. Gofundme, Kickstarter
Name the 7Ps
Product, price, place, promotion, people, physical evidence, process
Give a real life example of how technological developments have impacted staffing needs
Name 3 actors who have played Spiderman
Tom Holland, Andrew Garfield, Tobey Maguire