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Duplicate of Unit 1, O1 Business Mgt HEWITT Flashcards | StudBud
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Duplicate of Unit 1, O1 Business Mgt HEWITT
Market Research...
Research and Development involves:
Duplicate of Unit 1, O1 Business Mgt HEWITT
20 terms
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unit 1 outcome 1 VCE business management
Flashcards
20 cards
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Questions
20
Answers
1
Research and Development involves:
researching, collecting & analysing data, testing&prototypes
Making sample products for development
Researching other business strategies to neutralise threats
Conducting a SWOT analysis to determine business feasibility
2
Market Research...
All of the above
can be conducted using Primary & Secondary data
assists business to make informed decisions about the market
is a systematic approach to gathering information on markets
3
How does a commercial enterprise (For Profit) DIFFER from a SOCIAL enterprise (Not for-profit)?
N-F-P are charities but F-P don't support charities
N-F-P do not make profits but F-P do
N-F-P do not AIM to make a profit, but F-P do
N-F-P profits go back into the organisation F-P go to owners
4
"A key planning tool used to guide business initiatives" is what?
SWOT analysis
Research and Development
SMOT analysis
BCD process
5
What does the A stand for in SMART goal
Aggressive
Average
Attainable
Approachable
6
"Gained through education & training, these skills are specific to certain qualifications"
Technical skills
Time Management skills
Marketing Skills
Negotiation skills
7
The RSPCA is an example of a ________________ organisation.
For- Profit / Social Enterprise
Not-For-Profit Organisation
Not-For-Profit/ Social enterprise
For- Profit/ Commercial enterprise
8
Which of the following is NOT considered a common motivation for starting a business?
Felxibility
Recognising and filling a market gap
To work less and reduce stress.
Desire for independence and wealth creation
9
Which of the following is the TRUEST definition of "entrepreneur?" One who...
...is smart, innovative and creative.
...shows drive, resilience, determination & manages risk.
...is smart, wealthy and experienced.
...is creative and takes risks.
10
Which of the following are NOT part of the Wesfarmers group?
Kmart
Target
Bunnings
Myer
11
"The ability to motivate and inspire others to achieve their best"
Leadership Skills
Communication Skills
Organisational Skills
Negotiation Skills
12
The written statement that defines a business's core purpose and focus is called a....
Strategic Plan
Strategic Statement
Mission Statement
Vision Statement
13
The property rights over the creations of mind or intellect is referred to as...
Intellect proprietory (IP)
Patent registration
Intellectual Property (IP)
Trademark certification
14
Which of the following is NOT considered a contribution of business to Australia?
Export Earnings
Employment
Rise of Consumerism/ increased personal debt
Tax Revenue
15
How many businesses are currently trading in Australia?
over 2.1 million
over 2.5 million
over 1.5 million
over 1.2 million
16
The acronym SWOT stands for...
Sales, Weaknesses, Opportunities and Threats
Strengths, Weaknesses, Opportunities and Targets
Sales, Weaknesses, Opportunities and Targets
Strengths, Weaknesses, Opportunities and Threats
17
Which of the following BEST describes how a culture of entrepreneurship can be build?
Qualifications and Research and Development
Gov't Investment/Grants, Mentors, Education, Start up hubs
Training and grants
Market Research, Research and Development and SWOT analysis
18
Which is not a social goal?
Community service
Being ecologically sustainable
Providing employment
Making a profit
19
According to the ABS, what % of businesses fail within the first 3 years of operation?
50%
75%
70%
60%
20
What percentage of businesses in Australia are classified as small?
95%
99%
97%
93%
