Consumer and Financial Decisions
Restricted availability of a good or service
What is scarcity?
Indicates flows of money in an economy.
What is the circular flow of income?
Unique features of a product.
What is product differentiation?
Having products appear in film and tv.
What is product placement?
This business owner was the first to get to space.
Who is Richard Branson?
Age, culture, income and marketing
What are factors influencing choice?
It's made up of peaks and troughs based on GDP.
What is the business cycle?
Brand awareness, sales and market share.
What are marketing objectives?
The location of my product.
What is Place?
Fined for false claims about my clothing preventing covid.
What is Lorna Jane?
Monitoring the income and spending over a month or other period of time
What is budgeting?
Price and quantity have an inverse relationship.
What is the law of demand?
Integrate social and environmental concerns into business operations.
What is corporate social responsibility?
Regulates advertising practices of Australian businesses.
What is the Competition and Consumer Act?
Adapted my product range to be healthier due to consumer demand.
What is McDonald's?
Expense has not changed in a long time.
What is a fixed expense?
The demand curve has shift to the right
What is an increase in demand?
Use of ongoing contact to sell products over a long period of time.
What is relationship marketing?
Formal statement declaring someone unable to repay their debts.
What is bankruptcy?
Green and white logo that really picks people up.
What is Starbucks?
Designed to obtain money from consumers based on creating a fake relationship.
What is a romance scam?
STM<IGX
What is economic growth?
Process of collecting information to inform business decisions.
What is market research?
I require offer, acceptance and consideration.
What is a contract?
Car brand appealing to one social consideration primarily.
What is Tesla?