Innovation
What is innovation and what are some examples of this in business?
Innovation is about creating a new and improved way of doing things; improving the current work practices, procedures and products.
In business, innovation can include the following:
A new product
Variation on an existing product
Different way of taking a product to market eg. Home Delivery
Define competitive advantage.
A point of difference or superiority held over one’s competitors.
Name three pricing stratgies
Price skimming
price penetration
cost plus margin
What is CSR?
Social Responsibility is about businesses acting in a socially responsible manner
It’s about more than just achieving the highest profit – the business should also aim to achieve social and environmental outcomes that are also beneficial
How does lego use open innovation?
Allows customers to submit ideas for new lego products.
Describe revolutionary innovation
Revolutionary: a disruptive or new development. Revolutionary Innovations can completely change a market or develop a whole new market
Revolutionary Innovation focuses on orientation of TOMORROW’S customers
Define the two major types of Competitive Advantage.
Comparative Advantage: When a business can produce a good or service at a lower cost than its competitors
Differential Advantage:When a business’s product or services differ from its competitors and are seen as superior than a competitive offering
Provide two advantages of social media marketing
cost effective (cheap)
easily accessed
mass audience.
What is meant by the term 'triple bottom line'?
The theory that companies should commit to focusing as much on social and environmental concerns as they do on profits.
More than 60 per cent of small businesses in Australia close within their first three years. True or False?
True
What is blended marketing?
Blended Marketing is the integration of digital marketing (internet site, social media, eCommerce…) into the traditional marketing (tv, print, retail).
Name any 2 ways a business can increase their competitive advantage.
Cost
Location
Quality
Customer Service
Reputation
Marketing
Ease of Access
Explain what a target market is and give a business example
A group of customers with similar characteristics who currently purchase the product or may do so in the future
Eg: Asics Running Shoes (Athletes, casual runners, all ages, all genders)
What CSR issues have arisen from fast fashion?
In order to lower cost of production and meet customer demand many companies have outsources production to factories with poor working conditions. This includes unfair wages and lack of safety protocols.
Which business that we looked at in class offshored some of its departments to Manila, Philippines
Canva
What is open innovation?
Open innovation is a business management model for innovation that promotes collaboration with people and organisations outside the company.
In what 2 ways can a business differentiate themselves?
Quality
Achieving a high degree of excellence and achieves the purpose for which it was designed.
Speed of Delivery
How quickly a product can be delivered to the consumer. Businesses can compete by being prepared to change and adapt to new trends quickly.
Describe the difference between traditional and online marketing Give two examples
Traditional: Billboards, newspapers, tv, radio
Online: Social media, gaming marketing, webpage marketing, pop up ads,
In order for business to partake in ethical and transparent behaviour, they should:
Contribute to sustainable development
Take into account the expectation of stakeholders
Is in compliance with national and international law
Is integrated throughout the organisation and practiced in its relationships.
What is a skill a business manager may need?
Communicating effectively with staff and customers
Organisational and Planning Skills
Problem-Solving and Decision-making skills
Financial Management skills
What is the difference between outsourcing and offshoring?
Outsourcing refers to an organisation contracting work out to a 3rd party, while offshoring refers to getting work done in a different country, usually to leverage cost advantages.
What strategies can a business use to create a competitive advantage?
Reducing the cost of the product
Improving Productivity
Differentiation
Efficient Internal Operations Strategies
Which business spent the most on advertising in Australia in 2023
A) Harvey Norman
B) McDonalds
C)KFC
D)Chemist Warehouse
E) Amazon
A)Harvey Norman
Describe a strategy for maintaining CSR.
Managing Staff Appropriately
Sourcing Raw materials from Sustainable Sources
Managing Customer Relationships Appropriately
Conducting a Social Report
Name the entrepreneurs that started
Apple
Microsoft
Virgin
Steve Jobs
Bill Gates
Richard Branson