business inclass - influences in envir + critical issues Flashcards
1
Q
personal qualities
A
Qualifications, skills, motivation, entrepreneurship, cultural background, gender
2
Q
Sources of info
A
- Personal hobbies or interests
- Previous skills and experiences
- Previous work experience
- Dissatisfaction with existing products
- Networking
3
Q
Business idea- types of comp
A
Level of competition may determine price, ease of entry, success of product and marketing strategies
4
Q
monopoly
A
only one seller. ^ set price
5
Q
Oligopoly
A
a few large sellers supply a sizeable portion of products in the market
6
Q
Monopolistic
A
many sellers offer differentiated products
7
Q
Perfect
A
many sellers of identical products
8
Q
Establishment options
A
new, existing, franchise
9
Q
Legal
A
Business name, zoning, health
10
Q
market considerations - g and s
A
- Businesses fail without a market for their goods or services, so must always undertake market analysis.
- The first decision business owners need to determine is what goods and/or services they are going to sell.
11
Q
market considerations - price
A
- Prices set too high may drive away potential customers
- Prices set too low may make it difficult to achieve a profit.
- Keeping an eye on current price of competitor’s products can give the business a competitive advantage in pricing.
