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.

(a)  

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 (a)   specialists and allies.

Offshoring is the transfer of (a)   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