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What are the four categories of market segmentation?
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What does geographic segmentation include?
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What are the components of psychographic segmentation?
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What does behavioural segmentation focus on?
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Why is price important for business owners?
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What are the three pricing methods?
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What is the cost-based pricing method?
Cost of producing or buying a product then adding a mark-up for profit.
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What does market-based pricing depend on?
The cost of a product based on the current supply and demand.
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What is the competition-based pricing method?
Price of a product dependent on the competitors.
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How does location affect business success?
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What are potential locations for a business?
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What are the advantages of shopping centres for SMEs?
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What must businesses do in relation to shopping centre hours?
Businesses need to remain open for the shopping centre’s hours.
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What happens if businesses do not renew their lease in a shopping centre?
Businesses will be forced to move.
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What are the characteristics of retail shopping strips?
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What is a key feature of online presence for businesses?
No physical presence needed.
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What costs are avoided with an online business presence?
No costs associated with a physical store like rent and electricity expenses.
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What is finance in the context of business?
Money needed to fund the operations of a business.
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What are the two main sources of finance for businesses?
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What is debt finance?
Funds obtained through loans.
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What is equity finance?
Funds contributed by the owner to start and expand the business.
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What are the legal considerations for SMEs?
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What does the Competition and Consumer Act 2010 aim to protect?
It aims to protect consumers from deceptive practices and applies to virtually all businesses in Australia.
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What is SWOT analysis used for?
To analyze a business's internal and external environment by identifying strengths, weaknesses, opportunities, and threats.
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What does the S in SWOT stand for?
Strengths - What is the business good at?
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What does the W in SWOT stand for?
Weaknesses - What does the business need to improve on?
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What does the O in SWOT stand for?
Opportunities - What opportunities are present in the business's external environment?
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What does the T in SWOT stand for?
Threats - What dangers are present in the business's external environment?
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What is a vision statement?
It describes what the owners see for the business's future, looking 5-10 years ahead.
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What is a mission statement?
It outlines the ambitions of the business and what it hopes to achieve for its stakeholders.
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What are strategic goals?
Long-term goals that apply to the business as a whole, determined by senior management.
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What are tactical objectives?
Medium-term objectives that are specific and determined by middle management.
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Who determines the operational objectives?
Front-line management
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What is the duration of operational objectives?
Short term (days/weeks)
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What is the goal of financial goals?
Increasing or gaining maximum wealth
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What remains after all business expenses are deducted from sales revenue?
Profit
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What does market share represent?
The business's share of the total industry or a particular product
在这里浏览你的卡片，或 sign up to study with spaced repetition.
What is meant by growth and diversification?
Grow into different areas
在这里浏览你的卡片，或 sign up to study with spaced repetition.
How can businesses maximize the return for their shareholders?
By keeping share price rising and paying back healthy dividends
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What are social goals directed towards?
The community
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Whose personal goals are reflected in the overall goals of the business?
The owner
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What is the strategic plan for achieving a firm's goals called?
Objectives
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What is a common reason employees resist change?
Fear of job loss
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What can cause disruption to routine in a business?
Change
在这里浏览你的卡片，或 sign up to study with spaced repetition.
What is inertia in the context of resistance to change?
A tendency to continue doing things the same way
在这里浏览你的卡片，或 sign up to study with spaced repetition.
What should managers understand to reduce resistance to change?
The main reasons why change is resisted
在这里浏览你的卡片，或 sign up to study with spaced repetition.
What is important to create a culture of change?
Open communication
在这里浏览你的卡片，或 sign up to study with spaced repetition.
What helps in building trust among employees?
Creating a supportive environment
在这里浏览你的卡片，或 sign up to study with spaced repetition.
What should be established to reduce fear of change?
A strong sense of identity
在这里浏览你的卡片，或 sign up to study with spaced repetition.
What are the four categories of market segmentation?
What does geographic segmentation include?
What are the components of psychographic segmentation?
What does behavioural segmentation focus on?
Why is price important for business owners?
What are the three pricing methods?
What is the cost-based pricing method?
Cost of producing or buying a product then adding a mark-up for profit.
What does market-based pricing depend on?
The cost of a product based on the current supply and demand.
What is the competition-based pricing method?
Price of a product dependent on the competitors.
How does location affect business success?
What are potential locations for a business?
What are the advantages of shopping centres for SMEs?
What must businesses do in relation to shopping centre hours?
Businesses need to remain open for the shopping centre’s hours.
What happens if businesses do not renew their lease in a shopping centre?
Businesses will be forced to move.
What are the characteristics of retail shopping strips?
What is a key feature of online presence for businesses?
No physical presence needed.
What costs are avoided with an online business presence?
No costs associated with a physical store like rent and electricity expenses.
What is finance in the context of business?
Money needed to fund the operations of a business.
What are the two main sources of finance for businesses?
What is debt finance?
Funds obtained through loans.
What is equity finance?
Funds contributed by the owner to start and expand the business.
What are the legal considerations for SMEs?
What does the Competition and Consumer Act 2010 aim to protect?
It aims to protect consumers from deceptive practices and applies to virtually all businesses in Australia.
What is SWOT analysis used for?
To analyze a business's internal and external environment by identifying strengths, weaknesses, opportunities, and threats.
What does the S in SWOT stand for?
Strengths - What is the business good at?
What does the W in SWOT stand for?
Weaknesses - What does the business need to improve on?
What does the O in SWOT stand for?
Opportunities - What opportunities are present in the business's external environment?
What does the T in SWOT stand for?
Threats - What dangers are present in the business's external environment?
What is a vision statement?
It describes what the owners see for the business's future, looking 5-10 years ahead.
What is a mission statement?
It outlines the ambitions of the business and what it hopes to achieve for its stakeholders.
What are strategic goals?
Long-term goals that apply to the business as a whole, determined by senior management.
What are tactical objectives?
Medium-term objectives that are specific and determined by middle management.
Who determines the operational objectives?
Front-line management
What is the duration of operational objectives?
Short term (days/weeks)
What is the goal of financial goals?
Increasing or gaining maximum wealth
What remains after all business expenses are deducted from sales revenue?
Profit
What does market share represent?
The business's share of the total industry or a particular product
What is meant by growth and diversification?
Grow into different areas
How can businesses maximize the return for their shareholders?
By keeping share price rising and paying back healthy dividends
What are social goals directed towards?
The community
Whose personal goals are reflected in the overall goals of the business?
The owner
What is the strategic plan for achieving a firm's goals called?
Objectives
What is a common reason employees resist change?
Fear of job loss
What can cause disruption to routine in a business?
Change
What is inertia in the context of resistance to change?
A tendency to continue doing things the same way
What should managers understand to reduce resistance to change?
The main reasons why change is resisted
What is important to create a culture of change?
Open communication
What helps in building trust among employees?
Creating a supportive environment
What should be established to reduce fear of change?
A strong sense of identity
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