Year 10 Business

What does SWOT stand for?

• Symantec, Windows, Operating System, Technology

• Strengths, Weak Points, Opportunities, Threats

• Strengths, Weakness, Opportunities, Threats

• Strengths, Weakness, Overviews, Threats

What is a Business Plan?

• A carefully worded statement of business goals.

• A short document or section of a document produced for business purposes.

• A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.

• Assesses major external factors that influence a business' operation in order to become more competitive in the market.

SCAMPER is a business tool used for?

• Deciding of the name of a business.

• A way to close a business down.

• A business tool used to analyse competitors.

• Is designed to help you find new ideas from within those products and services that you already offer.

Which of the following is an example of a repositioning strategy for a business?

• Rebranding by changing logo/trademarks.

• Changing their staff.

• Changing their hours of trade.

• Increasing staff rates of pay.

Psychological pricing is when

• Where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth.

• Prices of psychology services.

• Refers to selling products at a price just below a whole number, e.g, $7.99 instead of $8.00.

• Is a pricing strategy in which the selling price is determined by adding a specific dollar amount markup to a product's unit cost.

The stages in the business life cycle are:

• Seed, growth, maturity

• Start-up, growth, maturity, post-maturity

• Seed, growth, post-maturity

• Seed, start-up, growth, maturity, decline/post-maturity

Typical section of a business plan are:

• Executive summary, operations plan, marketing plan, financial plan, human resources plan

• Executive summary, operations plan, staff roster, marketing plan, financial plan

• Executive summary, staffing plan, marketing plan, financial plan

• operations, plan, marketing plan, financial plan, human resources plan

The 4 P's of marketing are:

• Product, Price, Planning, Place

• Product, Price, Promotion, Place

• Product, Pricing, Promotion, Planning

• Promotion, Pricing, Population, Product

Operations Management is:

• It is concerned if the technology of the firm is working to its maximum efficiency.

• It is concerned with how efficiently the staff are working in a business.

• It is concerned with how effective the leadership of an organisation is.

• It is concerned with converting materials and labour into goods and services as efficiently as possible to maximize the profit of an organization.

What is corporate social responsibility?

• Being a responsible business owner, making sure your business is making a profit.

• Being a responsible business owner, making sure your employees are all paid on time.

• When a business owner recognises that they have responsibilities not only for the economic activities of their business but also for the social and environmental implications.

• When a business owner believes that their business has only a responsibility to their shareholders and employees.