Running a Business
A person who starts, operates and assumes the risk of a business venture.
What is an entrepreneur?
Collecting and analysing information about customers and the business opportunities available.
What is market research?
4 p's of marketing
product, price, place, and promotion
Shopping around to obtain the best deal.
What is Comparison shopping.
When you owe money to a financial institution
What is debt
Strengths, weaknesses, opportunities, threats.
What is a SWOT analysis?
Population characteristics including age, ethnicity, gender, marital status, family size and income.
What is demographics?
To inform, persuade and remind consumers about a business’s products.
What is Promotion
A term that refers to buying goods online.
E commerce
Another name for a physical retail store
brick and mortar
Rivalry among businesses that try to supply the needs and wants of a market.
What is competition?
The group of customers to whom the business intends to sell its products
What is target market?
When products (goods or services) that are the same or similar are made to appear different from and/or better than those of their competitors.
What is Differentiation
Identify at least THREE methods of payment.
Cash, Credit, PayPal, Afterpay, Direct Debit, Cheque.
the legal structure where two or more people own, manage, and operate a company together to make a profit
what is a Partnership
A business that is owned and operated by one person
What is sole trader?
General public may buy and sell shares in these companies.
What is public companies?
A direct inducement to customers in an attempt to sell more of its product (examples include coupons, loyalty rewards).
What is Sales Promotion.
Identify the TWO forms of misleading advertising.
Bait and switch advertising and misleading advertising.
What is CCA
Competition and Consumer Act
Company that has ‘Pty Ltd’, after its name.
Proprietary Limited
An agreement to borrow a set amount of money that needs to be repaid within a certain period of time
What is a loan?
What is a Coke ad slogan
"Open Happiness" "Taste the Feeling" recent "Real Magic" "who will you share a Coke with?" "Feel it all"
A legally binding document that both parties need to agree to
What is a contract
name the TWO agencies that enforce the CCA
ACCC (Australian Competition and Consumer Commission)
and ASIC (Australian Securities and Investments Commission)