Bus Man Flashcards
What is market research?
Market research is the process of finding and analysing information about customer wants and needs and the nature of the market.
What is the definition of Entrepreneurship?
Entrepreneurshiprefers to the concept of developing and managing a business venture to gain profit by taking several risks
True or False?
Is online banking an innovation of the internet?
True
What is the difference between social need and fulfilling a market need?
When there is a gap in the market and a company sells that product, it is a market need. Social is benefiting the environment.
True or False?
A gap in the market is a business opportunity.It’s when you’ve identified something that customers need, but it isn’t currently available.
True
What is Primary research?
Primary research is the collection of information first hand by a business for a specific purpose
What is your understanding of a business motivation?
It is the reason why someone wanted to start a business.
Which is the odd one out?
The reason why someone starts a business is…
A) To make a profit
B) Financial independence
C) To not be bossed around
D) To fulfill a social need
C) To not be bossed around
Advantages of primary research
Data is accurate and up to date
Fully specific to purpose or cause
Which is NOT a company that changes a companies need?
a) Hello fresh
b) Mcdonalds offering delivery
c) Self service petrol stations
d) Amazon parcel locker
c) Self Service petrol stations
What does CSR stand for?
Corporate Social Responsibility?
Which motivation applies?
Joanne calculated that her hard work had helped the business she was working for increase profits by 60% - however she only received a 2% pay rise this year.
To make a profit
Disadvantages of primary research
Time consuming
Expensive
May be biased if business is inexperienced in carrying out research
May lack validity if the research was not conducted to a large and relevant audience
True or False?
Tesla is an example of innovation.
True
Which company does have unlimited liability?
a) Partnership
b) Sole Trader
c) Private Company
d) both a and b
d) both A an B
What is secondary research
The use to information that has already been collected previously. This could be by another organisation/ business or for a different purpose.
Advantages of secondary research
Often cheaper than conducting primary research
Quicker as the information is readily available
How many owners does a Sole Trader have?
One
Which is NOT a characteristics of a Sole Trader?
a) Owners has unlimited liability for all business debts
b) Owner has to source all funding for the business
Owner retains all profits after personal income tax (not subject to company tax)
c) May have employees but owner is the only one responsible for making decisions for the business (therefore has to manage a wide variety of tasks)
d) Has to register business for tax
d) Has to register business for tax
Which is NOT a strength of a Sole Trader
a) Low cost of set up
Low level of government regulation (= easy to set up and run)
b) Centralised decision making = no conflict for owner
c) Has unlimited liability
d) Owner retains all profits (can decide to reinvest into business but has control)
c) Has unlimited liability
True or False ?
A sole trader may have difficulty sourcing finance to start/run their business.
True
True or False?
A sole trader has limited liability
False
unlimited liability
True or False?
A partnership is an unincorporated business structure owned by 2-50 owners
False
2-20
True or False?
In a Private Limited business, the business name MUST always followed by Pty Ltd. (Proprietary Limited)
True
Disadvantages of secondary research
Not completely applicable to specific requirements of the business
Business is not aware of the conditions under which the research has been conducted
True or False?
In a Private Limitied business, the business name MUST always be followed LTD.
False - Public has LTD
Which is NOT an example of a public company?
a) Mcdonalds
b) Qantas
c) Coles
d) Ziggy’s bakery
d) Ziggy’s bakery
True or False?
Public businesses are relatively inexpensive to set up and easy to run with minimal levels of public scrutiny and government compliance requirements.
False
The public company lists its shares for sale on the ASX or ABS?
ASX - Australia’s Stock Exchange
Examples of primary research
Surveys, questionnaire, interviews, observations
Example of secondary research
Newspapers, reports, websites(internet), journals, statistics
Market research process
Research objectives
Perform secondary research and analyse data
Decide on primary research methods
Conduct primary research and analyse data
Present the data and produce the report
Implement the research
What is qualitative data
Non-numerical data including opinions and written responses
What is quantitative data
Numerical data such as figure and statistics that can be more easily analysed
