Business acumen

Question 1

Strategic groups?

Answer 1

Analyze suppliers rather than customers

Question 2

3 bottom lines?

Answer 2

people, profit, planet

Question 3

cost of acquiring new customers

Answer 3

expense associated / No. customer expected

Question 4

lifetime value of customers

Answer 4

CAC / (net profit per visit x visits per month)

Question 5

key attributes to an effective business model

Answer 5

profitability, scalability, repeatability, strategic alignment, robustness

Question 6

critical success factors

Answer 6

functional advantages (reliability etc); financial advantages, intangible factors

Question 7

target pricing

Answer 7

start from level of funding & ROI needed then work backwards

Question 8

market skimming

Answer 8

high prices then change to lower

Question 9

limit pricing

Answer 9

dominant firm keeping price low to limit new entrants

Question 10

price anchoring

Answer 10

products placed next to more expensive ones so more likely bought

Question 11

decoy pricing

Answer 11

slightly lower prices = much worse product
slightly higher quality = much higher price

Question 12

Normal vs inferior goods in IED

Answer 12

IED > 0 = NORMAL
IED < 0 = INFERIOR

Question 13

FACTORS OF PRODUCTION

Answer 13

LAND, CAPITAL, LABOUR, ENTERPRISE

Question 14

SOCIAL ENTERPRISE DEFINITION POINTS

Answer 14

CLEAR SOCIAL MISSION; MAJORITY INCOME FROM TRADE; REINVESTS MAJORITY; AUTONOMOUS OF STATE; MAJORITY CONTROLLED BY INTERESTS OF SOCIAL MISSION; ACCOUNTABLE AND TRANSPARENT

Question 15

GREEN BAND FUNCTION VS EMOTIONAL

Answer 15

FUNCTIONAL = APPEALS TO RATIONAL MIND –> SPECIFIC ENVIRON BENEFITS
EMOTIONAL = CUSTOMERS SENSE OF SATISFACTION –> BRAND SUPERIOR TO OTHERS

Question 16

KEY ELEMENTS OF PROMOTION MIX

Answer 16

ADVERTISING, PERSONAL SELLING, PUBLICITY AND PUBLIC RELATIONS, SALES PROMOTION

Question 17

SEO OPTIMSATION TECHNIQUES

Answer 17

GOOGLE ADS, PERFORMANCE OF WEBSITE, SECURITY OF WEBSITE, META DESCRIPTION, BACKLINKS, FRESH CONTENT, MOBILE PHONE FRIENDLY, USER EXPERIENCE

Question 18

AMBIENT MARKETING =

Answer 18

PLACING ATTENTION GRABBING OBJECTS IN VISIBLE LOCATIONS

Question 19

GRASSROOTS MARKETING

Answer 19

GROUND UP, WOM

Question 20

ASTROTURFING

Answer 20

CREATING ARTIFICIAL EXCITEMENT

Question 21

STREET MARKETING

Answer 21

PROMOTION OF PRODUCTS IN PUBLIC PLACE BUT CREATIVELY

Question 22

RULE OF LAW

Answer 22

PRINCIPLE THAT EVERY MEMBER OF SOCIETY MUST FOLLOW

Question 23

PUBLIC LAWS CATEGORIES

Answer 23

CIVIL LAW & CRIMINAL LAW

Question 24

SOURCES OF LAW

Answer 24

LEGISLATION & SUPREMACY

Question 25

DELEGATED LEGISLATION

Answer 25

ORDERS IN COUNCIL = MADE BY PRIVY COUNCIL

Question 26

ESSENTIAL ELEMENTS IN CONTRACTS

Answer 26

CONSIDERATION (UK ONLY), CONSENT, CAPACITY, FORMALITY, NO LEGAL PROHIBITION

Question 27

MINIMUM AGE FOR CONTRACTS

Answer 27

SCOTLAND = 16
UK = 18

Question 28

DISCHARGE OF CONTRACT

Answer 28

AGREEMENT; PERFROMANCE; FRUSTRATION; BREACH (MATERIAL AND NON MATERIAL)

Question 29

REMEDIES FOR BREACH

Answer 29

DAMAGES
RESCISSION = ABILITY TO CANCEL
SPECIFIC IMPLEMENT = PERFORM
INTERDICT/INJUNCTION = STOP
RETENTION = WITHOLD PERFORMANCE
LIEN = KEEP GOOD

Question 30

FACTORS LIMITING LIABILITY

Answer 30

CAUSATION; MITIGATION; REMOTENESS OF LOSS; FINANCIAL LOSS ONLY; LIQUIDATED DAMAGES AND PENALTY CLAUSES

Question 31

MISREP ON CONTRACT

Answer 31

FRAUDULENT MISREP = KNOWINGLY FALSE
NEGLIGENT MISREP = FALSE STATEMENT WHO HAD NO REASON TO BELIEVE
INNOCENT MISREP

Question 32

CANCELLING GOODS/SERVICE/DIGITAL/REFUNDS

Answer 32

14 DAYS