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Business 1 & 2 > Unit 2 exam > Flashcards

Unit 2 exam Flashcards

1
Q

What are the 5 legal requirements for establishing a business?

A

registering a business name, registering a website domain, trade practices legislation, business tax compliance and work safe insurance

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2
Q

what is a business name?

A

the title that a business operates under and what customers use to identify the business.

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3
Q

How do you register a business name?

A
  1. obtain an Australian Business Number (ABN)
  2. Register the name at the Australian Securities and Investments Commission (ASIC)
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4
Q

What is a website domain?

A

a website address that identifies a business’s online site

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5
Q

how to register a website domain

A
  1. check if the domain name you want is taken or trademarked
  2. if not, register for the domain through auDA (.au Domain Administration)
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6
Q

what is the trade practices legislation?

A

the law that governs how a business interacts with customers and competitors.

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7
Q

what are some things that the trade practice legislation does?

A

ensure businesses commit to warranties, prevent businesses from colluding (businesses within the same industry raising prices so all of them do), and make sure businesses don’t falsely advertise

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8
Q

What is business tax compliance?

A

the extent to which an
individual or business
meets tax obligations

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9
Q

what is work-safe insurance?

A

compulsory insurance that assists employers to meet their obligation of financially compensating and supporting employees who become injured or ill because of their work

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10
Q

What are the 5 factors businesses should consider when choosing suppliers?

A

Price, quality, reliability, location and socially responsible suppliers

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11
Q

what is the factor of reliability?

A

that suppliers can deliver the right quantity of inputs at the required time

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12
Q

what are 4 CSR (socially responsible suppliers) considerations when choosing suppliers?

A

fair and ethical treatment of employees, local suppliers, ethical sourcing of materials and using environmentally friendly practices

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13
Q

what are policies?

A

written statements that outline the expected performance and behaviour of employees

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14
Q

what are procedures?

A

a series of actions that employees must follow in order to abide by the business’s policies

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15
Q

what is the difference between policies and procedures?

A

policies are the rules of what is expected of employees, whereas, procedures are the actions taken to abide by the policies

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16
Q

what is an example of a workplace policy that makes the business more efficient?

A

customer service policy

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17
Q

what is the customer service policy and how does it make the business more efficient?

A

The customer service policy instructs employee behaviour when interacting with customers, when doing this properly it allows for customers to become satisfied but also ensures more customers can be served

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18
Q

what is an example of a workplace policy that allows the business to establish business routines?

A

absence and time off policy

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19
Q

what is the absence and time off policy?

A

It ensures employees are aware of how to notify employers of any absences and schedule when they need time off

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20
Q

how does the absence and time off policy help to create business routines?

A

It ensures that the employees can get into a routine of telling the employer early if they can’t make their shift allowing them to get a replacement quicker.

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21
Q

what are overseas suppliers?

A

individuals or businesses that sell raw materials or resources in a country overseas.

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22
Q

what are 3 advantages of generating contacts with overseas suppliers?

A

has a wider range of suppliers to choose from, has access to cheaper resources, and the business reputation may improve if overseas suppliers provide ethically-sourced inputs

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23
Q

what are 3 disadvantages of generating contacts with overseas suppliers?

A
  • lower quality, which can decrease customer satisfaction
  • Supplies can be damaged during delivery, increasing expenses associated with waste,
  • challenging to maintain communication with overseas suppliers due to timezone differences
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24
Q

what is a customer database?

A

a collection of information about existing and potential customers

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25
Q

what are 2 advantages of having a customer database?

A
  • enable a business to predict the desires of potential customers and produce goods and services that satisfy these needs, increasing sales
  • allows a business to maintain relationships with existing customers and meet their needs
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26
Q

what is a target market?

A

a specific group of consumers that a business aims its marketing efforts towards

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27
Q

how is the target market determined?

A

via market segmentation

28
Q

what are the 4 topics under market segmentation?

A

demographic, geographic, psychographic and behavioural characteristics

29
Q

what are 6 demographic characteristics?

A
  • Age
  • Gender
  • Income
  • Education
  • Nationality
  • Occupation
30
Q

what are 3 geographic characteristics?

A
  • Size of city
  • Rural or urban
  • Climate of location
31
Q

what are 5 psychographic characteristics?

A
  • Lifestyle
  • Personality; introverted, extroverted, ambitious
  • Hobbies
  • Attitudes
  • Social class
32
Q

what are 3 behavioural characteristics?

A
  • Regular or first-time product users
  • Purchasing frequency
  • Reason behind the purchase; quality, service, speed, or price
33
Q

what are the 7 elements of the marketing mix (7Ps)

A

product, price, place, promotion, people, physical evidence and process

34
Q

what is product?

A

a good or service that is offered to consumers to satisfy a need or want

35
Q

what is price?

A

the amount that a customer pays for a good or service

36
Q

what is a type of pricing and what does it entail?

A

Competiton-based pricing, setting pricing similar to competitors

37
Q

what is promotion?

A

the marketing communications used by a business to inform, promote, and remind its target market about its product

38
Q

what is people?

A

the individuals that influence a customer’s perception of a business and its products

39
Q

what is place?

A

an element of the marketing mix relating to how a business distributes its product to customers

40
Q

(place) what are the 3 types of distribution channels?

A

producer to customer, producer to retailer to customer, producer to wholesaler to retailer to customer

41
Q

what is physical evidence?

A

the environment in which the business and customer interact

42
Q

what is process?

A

the procedure set in place throughout the entire customer purchasing experience at a business

43
Q

what are 3 examples of physical evidence in a business?

A

facilities, ambience (atmosphere of the workplace), and digital world (website, social media)

44
Q

what is the relationship between staff performance and completing business objectives?

A

when staff performance is high so will business objectives

45
Q

what are the 5 main business objectives?

A
  • to make a profit
  • to fulfil a social need
  • to fulfil a market need
  • to increase market share
  • to meet shareholder expectations
46
Q

what is the definition of making a profit?

A

a business needs to earn more revenue than its accumulated expenses.

47
Q

what is the definition of fulfilling a social need?

A

Businesses can fulfil social needs by using their operations to benefit the community and the environment.

48
Q

what is the definition of fulfilling a market need?

A

Businesses can fulfil a market need by offering goods and services that meet customer needs

49
Q

what is the definition of increasing a market share?

A

a business needs to increase the total sales it makes within its industry

50
Q

what is the definition to meet shareholder’s expectations?

A

businesses should generate consistent profit to return some to their shareholders

51
Q

what is a management strategy to make a profit?

A

Provide training for employees so they feel valued by the business and have the appropriate skills to complete their job

52
Q

what is a management strategy to increase market share?

A

Implement sales incentive programs that reward employees for bringing in new customers and increasing market share

53
Q

what is a management strategy to meet shareholder expectations?

A

Implement a recognition and rewards program to acknowledge and appreciate employees’ contributions

54
Q

what is a management strategy to fulfil a market need?

A

Provide flexible work arrangements, to accommodate employees’ work-life balance needs

55
Q

what is a management strategy to fulfil a social need?

A

Engage employees in CSR initiatives, allowing them to contribute to social causes and feel a sense of purpose in their work

56
Q

what is the purpose of the National Employee Standards (NES)?

A

to ensure that employees are getting their minimum entitlements and are treated fairly when working

57
Q

what is an award?

A

a legal document that outlines the minimum wages and conditions of work for employees across an entire industry

58
Q

what is an agreement?

A

a legal document that outlines the wages and conditions of employees and is applicable to a particular business or group of businesses

59
Q

what are agreements and awards a part of?

A

contracts of employment

60
Q

what are the 3 employer expectations?

A

contracts of employment, loyalty and terms of notice

61
Q

what is contracts of employment?

A

is a legal document that outlines the wages and work conditions of an employee within a business.

62
Q

what does an employee contract normally include?

A

job title, hours of work and amount of pay

63
Q

what is loyalty?

A

when an employee is committed to supporting the business to achieve its objectives.

64
Q

what are terms of notice?

A

written communications that an employee must provide to a business within a certain amount of time before leaving their position.

65
Q

how can improved loyalty help increase business performance?

A

When employees trust and respect their employer, they are generally more productive and motivated to achieve business objectives

66
Q

what are 3 ways a business can consider CSR when staffing?

A

having a gender-balanced workplace, hiring a diverse range of ethnicities, hiring all age groups

Business 1 & 2 (4 decks)

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