Unit 3, Topic 1 Revision

Logistic Considerations include:

Contingency planning is having an alternate plan of action for a future event so the business can respond effectively

Taking a business public refers to getting money from friends and family members to help finance operations

Dividends is a portion of the profit made by the business that is distributed to shareholders

Emerging Technologies is...

Innovation is when the product is sold in a new location

What is a domestic market?

Anti-Discrimnation Act 1991 (QLD) must be followed by all businesses in Queensland

Employer of Choice is offering incentives to attract and retain employees to a business

The Maturity Stage is the longest stage of the business life cycle

Niche market is a small segment of the market with unique characteristics

Understanding the culture, communication style, etiquette and legal systems is important when expanding overseas

PPRR Model

Reasons for a business to expand

Research & Development can help a business find ways to improve, invent or gain competitive advantage

Risk Management is evaluating all possibilities and putting steps in place to minimise, control or eliminate the impact

Staff Wellbeing is an important part of the business for employers to focus on

Identify below the Leadership Styles that businesses can utilise

Offshoring is when a business contracts work to an external organisation within its country of operation

Maslow's Heirarchy of Needs has the following categories

Vertical Growth is when a business expands its reach by selling existing products to new customers in new locations

Main Goal of a Business in the Maturity Stage

Exporting is when a business sells a product or service within its country of operation

Intrapreneur is someone who establishes a new business and drives its development

Financial Management covers the planning, organising, directing and controlling of business activities and funds.