test Flashcards
What is Premium Pricing?
Setting a high price to reflect exclusivity and quality.
What is Undercut Pricing?
Selling at a lower price than competitors to attract customers.
Define Value for Money in pricing strategies.
Balancing quality and affordability to meet customer expectations.
List the functions of packaging.
- Protects the product from damage
- Attracts consumers through design and branding
- Provides essential product information
- Can be eco-friendly to appeal to sustainability-conscious buyers
What factors are considered for suitable production?
- Cost of raw materials
- Manufacturing process
- Market demand
- Legal requirements
- Availability of skilled labor
What is a Feasibility Study?
Evaluates whether a business idea is viable.
What are the main components of a Feasibility Study?
- Market demand
- Costs
- Competition
- Risks
- Profitability
List ways to reduce carbon footprint.
- Use renewable energy sources in production
- Reduce waste and improve recycling
- Optimize transportation to lower emissions
- Use sustainable packaging materials
- Implement energy-efficient manufacturing processes
What are the requirements for good packaging?
- Protection
- Functionality
- Sustainability
- Attractiveness
- Informative
Identify the components of startup costs.
- Equipment and machinery
- Raw materials
- Labor costs
- Packaging and branding
- Marketing and distribution
- Rent and utilities
What is Non-Renewable Energy?
Derived from finite sources like coal, oil, natural gas, and nuclear power.
List advantages of Renewable Energy for the natural environment.
- Reduces carbon emissions
- Sustainable
- Less pollution
- Preserves ecosystems
Provide examples of Renewable Energy.
- Solar energy
- Wind energy
- Hydropower
- Biomass energy
- Geothermal energy
What are some responsible uses of energy?
- Use cold water for washing clothes
- Install solar geysers for heating water
- Use energy-efficient appliances for cooking
- Switch to LED bulbs for lighting
- Unplug electronics when not in use
What factors contribute to South Africa’s decreasing quality?
- Load shedding
- Water scarcity
- Pollution
- Unreliable infrastructure
- Corruption and mismanagement
How can water be used efficiently?
- Use dual-flush toilets
- Water plants early or late to reduce evaporation
- Take shorter showers
- Use greywater for gardens
What is a Target Market?
The specific group of consumers a business aims to serve.
Why is stock control of raw materials important?
- Prevents wastage and spoilage
- Ensures continuous production
- Reduces costs
- Helps track expenses
List the stages in the production process.
- Planning
- Sourcing
- Processing/Manufacturing
- Quality Control
- Packaging
- Distribution
What is the importance of training staff?
- Improves productivity
- Reduces errors
- Enhances confidence
- Keeps staff updated on technology
What are the importance of product specifications?
- Ensures consistency
- Meets customer expectations
- Prevents defects
- Helps with branding
What impact does a transport strike have on production?
- Delays in raw material supply
- Increased costs
- Loss of sales
- Potential spoilage of goods
How do rising electricity tariffs affect business sustainability?
- Higher operating costs
- Forces price increases
- Small businesses may struggle
- Encourages energy-efficient practices
List standards to prevent contamination of baked products.
- Maintain clean surfaces
- Ensure proper hand hygiene
- Store ingredients in sealed containers
- Follow correct food handling temperatures
- Use separate utensils for raw and cooked ingredients
- Conduct regular quality checks
