Unit2 Flashcards
Outline the Difference between vision and mission statements
- A mission statement includes the organisation’s business, its objectives and how it will meet those objectives
- A vision statement is details where the business wants to go and what they want for the future
List the 8 elements of a business plan
- executive summary
- vision statement
- mission statement
- business concept
- operations strategy
- marketing plan
- financial plan
- human resource management
Outline the 4 stages of the PLC
- Introduction where the product is either in development or just introduced to the public, and is first presented to the market place
- Growth where the biggest increase in sales are seen. May not be the most amount of sales but the most growth is seen here
- Maturity is where Sales start to stabilise but have not yet begun to drop drastically
- Decline where the product starts losing interest and sales start falling
List 2 characteristics for each stage of PLC
- Intro: Low customer awareness and Low inductor sales
- Growth: High customer awareness and high demand
- Saturation: Sales stabilise and competition increases
- Decline: Low demand and Low sales
Explain what marketing strategy should be applied to the Decline stage of the PLC
Product innovation/re-innovation to create a more unique product
Explain the Purpose of the OHS and the EOA
- The purpose of the OHS is promote safety in the workplace and mitigate risks. It aims to prevent workplace accidents and injuries
- The purpose is to promote recognition and acceptance whilst eliminating harassment in the workplace (sexual, racial)
Outline the 3 types of Intellectual properties
- Patent lasts for 20 years and covers method, substance or technology
- Design protects the aspects of design and lasts for 5 years only renewed once
- Trademark products logos, brand appearance of a product lasts for 10 years
Why are some ads only displayed past a certain time?
To avoid being advertised to children
Why are cigarette companies not allowed to advertise
They include chemicals that are directly linked to serious medical conditions
List 3 things that have to be included in food labelling
- Ingredients
- Country of origin
- Nutritional information panel
What type of stores are open everyday, and during what times are they opened
special retail stores from 6:00am to 11:30 pm
Define a small retail store
A small retail store is owned by up to 6 people who operate no more than 4 retail stores, in which 25 employees work at any one time. They can trade 24 hours a day, every day of the year.
Explain how trading hours may impact profitability
Explain what the Australian Communications Media Authority do
The ACMA sets and manages rules about communications and media services and markets. Additionally it also licenses people, organizations and products to operate in Australia, looks into complaints, manages legal actions when breaches occur and plans and manages the airwaves and makes space for new products. This to create moderation in the various markets and ensure there is an order that is followed, with rules set in place that businesses must comply with.
FOR KIDS:
The Australian Communications and Media Authority (the ACMA) develops standards to ensure children have access to quality TV programming as well as to protect them from the possible harmful effects of television.
List 2 things that have made clear in an advert targeted to children
A fair representation of the product and the performance of the product must be made clear to the audience, specifically the children/age group the advert is targeting
The size of the product must be clearly represented and must be compared to/referenced to something a child can easily recognise.
