Business Unit 3 Topic 1 Chapter 2

GDP refers to:

• Gross Domestic Potential

• Gross Demand Profit

• Gross Domestic Profit

• Greater Domestic Profit

An 'emerging market' is

• A market that has just emerged domestically

• A market that is opening to a new foreign investment and trade.

• A market that advanced and the business has been trading there for a number of years

• Australia would be considered an emerging market

A steeple analysis is a tool used to analyse the _________ _________ environment.

Along with the STEEPLE environment, a business should also consider the following factors:

• Culture, etiquette, communication and logistical practices.

• Competition, etiquette, communication and logistical practices.

• Culture, equitable, logistical practices and competition.

• Culture, equitable, logistical practices and communication.

Expansion strategies a business might use to expand into a global market include: (hint there are two correct answers)

• Niche markets,

• Innovation

• Advertising

• Data analysis

Explain the term 'joint venture'

• A partnership between five businesses that benefit equally to gain access to a new area of expertise.

• A partnership between 2 businesses that benefit equally to gain access to a new area of expertise

• A partnership between 3 businesses that pool resources and invest to create a fourth business.

• A partnership betwen 2 businesses that pool resources and invest to create a third, joining owned business.

Why should a business participate in contingency planning?

• To insure the business can expand to an overseas market.

• To help a business respond effectively to a future event or circumstance that may or may not happen

• To help a business respond effectively to a future event that will happen for certain.

• To help a business prepare multiple documents to be filed in case of an emergency.

Outsourcing is a strategic decision to transfer certain activities in the business operations to _________ specialists and allies.

Offshoring is the transfer of _____ to different countries to leverage an advantage such as cost.

Research and development can assist ia business in improving_______

• Staff morale

• Leadership styles

• Operations

• Economy