Commerce Flashcards

Question

Name a successful and unsuccessful referendum.

Answer 1

A successful referendum was the Same Sex Marriage Referendum in 2017 one of 8 referendums out of 44 approved. An unsuccessful referendum was the Local Government referendum to recognise the Local Government in the constitution, in 1988.

Answer 2

Parks and Gardens, Garbage Collection and Building Regulations. pg 41 Civics book

Answer 3

Education, Health and Law and Order (police), Transport pg 41 Civics book

Answer 4

Immigration, Taxation and Defence.

Answer 5

A member of parliament, with only responsibility to their electorate

Answer 6

A small powerful group of the most senior government ministers

Answer 7

An advantage of using petitions as a form of protest is that it is a non violent way to get the government's attention on different issues across the globe. A disadvantage is that the government has no exact right to act upon the issue and can therefore just ignore it.

Answer 8

Legislative Assembly (green) and holds 88 members

Answer 9

Legislative Council (red) and holds 40 members.

Answer 10

128 Members - 88 in Legislative Assembly and 40 in Legislative Council

Answer 11

The House of Representative is the lower house (green) and there are 151 members within.

Answer 12

The Senate is the upper house (red) and there are 75 members within.

Answer 13

The House's central function and the one which takes up most of its time is the consideration and passing of new laws and amendments or changes to existing laws. To become law, bills must be passed by both the House of Representatives and the Senate. They may start in either house but the majority of bills are introduced in the House of Representatives. Determines the Government Controls government expenditure

Answer 14

The primary role of the Senate would be to protect the interests of the less populous states in the federal Parliament by giving equal representation to all states. AS well as this it is also a house of review as all bills must be passed through both houses of parliament.

Answer 15

The state itself acts as one electorate and votes for 12 members. The senate contains 12 senators from each state and 2 from the ACT and Northen Territory.

Answer 16

At the federal election, the party with the support of the majority of members (each representing an electorate) , becomes the government.

Answer 17

If the Liberal Party forms a coalition with the National Party, the two parties combined can form government if they have the majority of seats in the Lower House of Parliament. (exact scenario right now)

Answer 18

The parliament consists of 2 legislative houses or chambers.

Answer 19

Having the support of both major parties.

Answer 20

an Act of British Parliament

Answer 21

A group of states with one central government that has powers in certain areas

Answer 22

A member of the opposition with responsibility for challenging and reviewing the work of a government minister.

Answer 23

Australian politician who has been Treasurer of Australia and Deputy Leader of the Liberal Party and represents the Kooyong Electorate

Answer 24

Government frontbenchers are ministers who have been allocated a portfolio, e.g Immigration, Tax, etc... In the Senate and House, the role of a minister includes introducing bills and answering questions about their portfolio during Question Time.

Answer 25

Opposition frontbenchers are shadow ministers who have been given the responsibility of scrutinising—closely examining—the work of a particular minister and their portfolio. In the Senate and House, the role of a shadow minister includes speaking about opposition policies and asking questions to relevant ministers during Question Time.

Answer 26

Backbenchers draw attention to electorate or state and territory issues by speaking about them in Parliament.

Answer 27

Hon Anthony Albanese MP

Answer 28

A crossbencher is an independent or minor party member (independant), they get their name from their seats.

Answer 29

Absolute monarchy (monarch no rules), Communist (people have equal opportunity), Constitution monarchy (Australia), Democracy (people have a say in how the government is run), Dictatorship (1 person holds power), Federal (power is divided), Socialism (roduction and distribution of goods and services is a shared responsibility of a group of people)

Answer 30

Product - Product Refers to a good or service that a company offerst to a customer Price - is the cost consumers pay for a product. Place - where a company sells a product and how it delivers it to the market Promotion - Advertising, Promotional Strategy.

Answer 31

A target market is a group of customers that the business has decided to aim its marketing effort and ultiamtely its merchandise towards.

Answer 32

a formal written request, typically one signed by many people, appealing to authority in respect of a particular cause.

Answer 33

Age Location Gender Income level (high, medium or low income) Education level Marital or family status Occupation Ethnic background

Answer 34

McDonald’s targets students, employees, and professionals in the age group of 8 to 45 years belonging to low & middle-income groups.

Answer 35

Product Life Cycle is a business analysis that attempts to identiy a set of common stages in the life of commercial. In other words the PLC is used to map the lifespan of a product.

Answer 36

Introduction, Growth, Maturity and Decline.

Answer 37

This is the stage where products are intially promoted. There are two different strategies used to introduce your product to consumers. You can use either the Penetration Strategy or Skimming strategy. Profits are not a concern under this strategy. The most important thing is to get your product known.

Answer 38

The Penetration Strategy is used to attract more and more customers, in which the product is offered at low price at the early stage and then gradually highered.

Answer 39

The Governer - General

Answer 40

Michael McCormack

Answer 41

An area of the country, which elects a person to represent it in parliament. Normally representing around 100,00 people.

Answer 42

Geographic (address) Demographic (gender, age, income, occupation, education, house hold size and stage in the family life cycle.) Psychographic (attitude, values and lifestyle) Behavioural

Answer 43

Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time. As the demand of the first customers is satisfied and competition enters the market, the firm lowers the price to attract another, more price-sensitive segment of the population.

Answer 44

Skimming can encourage the entry of competitors since other firms will notice the (artificially) high margins available in the product, they will quickly enter.]

Answer 45

In this stage a large amount of money is spent on advertising. You want to concentrate to telling the consumer how much better your product is than your competitor's product. If you are successful, then you will receive an increase in sales.

Answer 46

During this stage sales grow at a very fast rate and then gradually begin to stabilize. The key to surviving this stage is to differentiate your product from your competitors.

Answer 47

This is the stage in which sales begin to fall. This is because either people have bought your products already or competitors are introducing new and innovative products.

Answer 48

To cut costs and reduce your spending.

Answer 49

Advertising is any form of paid non-personal communication the aim of which is to present and promote goods services or ideas.

Answer 50

The Total Product concept refers to the bundle of services offered by a product / service. Refer to pages 10 - 13

Answer 51

The Basic Core, Accessory Ring, Psychological Ring and Time.

Answer 52

The basic core can be defined as the bundle of function benefits. Basic Core includes all main benefits that a firm promises to deliver. For Example the Basic Core of buying a car would be mode of transport.

Answer 53

The Accessory ring includes added-value benefits which are not directly paid for but yet received. Organisations use these benfits to build competitive advantage by differentiating products from their competitors. An example of the Accessory Ring is when you are at McDonalds, where you receive salt, cutlery, toilets, playground and newspapers.

Answer 54

The Psychological Ring is formed by benefits resulting from the consumer's feelings associated with owning / using the product. The Psychological Ring for buying a porsche is success and wealth.

Answer 55

Time is the taken or saved when products / services are purchased ; this could be good or bad. This relates to time consumed when purchasing and using the product. An example of time is when becoming a collingwood football club member, where u save time not having to queue for tickets.

Answer 56

Stores nearby your store that benefit your store by attracting a similar target market. An example would be a plumbing store placed near tradie and hardware stores.

Answer 57

Product Line is a groupo of realted products manufactured by a single company. Companies use product line to expand their business by adding more products. This is because people are more likely to purchase products from brands with which they are already familiar with. For example, a frozen pizza company may want to increase exapnd its company by adding frozen breadsticks and frozen pasta to its product line.

Answer 58

Product line depth is the amount of sub products offered by a business within a particular line of products. For example the different types and sizes of Coca Cola.

Answer 59

If you are near your competitiors, because if so they are bringing in your target market and have already spent money on advertising. What the parking is like, places like supermarkets and hardware stores might need a parking lot. Complementary Businesses, are there any stores that attract the same customers in search of the same things. For example a plumbing store near a tradie store searching for tradies and home renovators. Foot Traffic, Highly Visible and near public trasnport. ## Footnote **pg 17-27**

Answer 60

The price paid by a retail store for the products it sells.

Answer 61

Money made for the business owner after all expenses are paid.

Answer 62

When expenses are greater than revenue

Answer 63

The price paid by a retail store for a product it sells.

Answer 64

The % or dollar amount a retail store increases the wholesale price by, which then equals the retail price. This is done by companies to cover expenses and allow for profit.

Answer 65

Total money recieved by a business for selling products.

Answer 66

Costs of running a business, excluding cost of the products to sell. This would include wages, electricity, rent, insurance, advertising.

Answer 67

Overheads incurred by a business regardless of number of sales. For example, rent and wages

Answer 68

A variable cost is a company's cost that is associated with the number of goods or services it produces. A company's variable cost increases and decreases with its production volume. When production volume goes up, the variable costs will increase. On the other hand, if the volume goes down, so too will the variable costs. For example, Ford builds a car they need 5 tyres, to build 2 cars they need 10 tyres. Their costs will change according to how many cars they build.

Answer 69

Total revenue over a period of time (week, month or year)

Answer 70

The dollar amount of revenue needed to match expenses so no loss is made.

Answer 71

Revenue minus expenses

Answer 72

wholesale price plus markup

Answer 73

Fixed Costs + Profit (only use profit it is in the question) --------------------------------------------------------------------------------- Selling Price - Variable Cost (per unit)

Answer 74

Television, Radio, Newspaper, Flyers, Billboard, magazines, internet

Answer 75

An advertising form that reaches the target market and is cost effective. For example Bunnigs Warehouse advertises on TV or on the radio where traddies and dads are watching and listening to.

Commerce Flashcards

(99 cards)