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business 2
| Question | Answer |
|---|---|
| buisness | an organisation that produces and sells goods and services |
| marketing | total system of interacting activities designed to plan, promote, distribute products to customers |
| 6 ps | product price promotion place people presentation |
| competitive advantage | what makes a business product or service superior to its rivals |
| public relations | the way a business communicates with the public/media. build positive image and strong relations with audience. |
| 2 pr stratergys | community involvement and sponsorship and celebrity endorsement and influencer partnership |
| globalistaion | process of countries becoming more connected through trade, technology, travel and communication |
| multinational corporations | large companies that operate in many countries. sell and produce products worldwide. |
| international supply chain | network of production, manufacturing, transport and distribution that happens between several countries |
| advantage and disadvantage of international supply chains | advantage: lower production cost and larger global markets disadvantages: ethical issues and loss of local jobs |
| human resource management | strategic approach to managing people in a organisation. maximise employee performance to achieve organisational goals. |
| 2 examples of human resource management | training and developmnet and financial rewards (bonuses) |
| recruitment | process of finding the best qualified pool of applicants |
| selection | the process to determine whether to make a job offer to an applicant. |
| internal recruitment | hiring from within a orginisation |
| external recruitment | hiring from outside a organisation |
| selection of applicants | 1. receipt of application 2. initial screening 3A. interview 3B. online selection 3C. testing 4. reference checking 5. advise applicants of outcome 6. evaluations of recruitment methods |
| trade unions | organisations that represent workers interest. advocates for workers rights liker fair wages and reasonable hours. eg, Australian council of trade unions. |
| employer groups | organisations that represent businesses in negotiations and policy discussions with unions and government. eg, Australian chamber of commerce |
| entrepreneurship | process of starting and creating a business after identifying opportunities and risks. |
| skills of a good entrepreneurship | adaptability, innovation, responding, creativity, flexibility |
| unique branding and cultural identity | first nation art stories and designs in their product or service |
| use e commerce platforms and websites | selling product online through brand owned websites. |
| cultural tourism and storytelling | experiences to explore or learn their culture. once in a lifetime experience. |
| financial literacy | understanding economic factors like interest rates, inflammation and policies |
| consumer guarantees | the legal promises business must meet when selling goods or services |
| wages | income paid based on number of hours worked |
| salary | a fixed annual amount paid to an employee regardless of hours worked |
| banks | wide range of financial services to all participants in Aus economy. Offers deposits, credit cards. eg, ANZ Bank |
| credit union | similar offer to banks, but instead of being money focused like banks they are focused on providing best offer for members. eg, Great Southern Bank |
| scams | A scam is a dishonest scheme to trap you into parting with your money. |
| term deposit | a fixed term deposit account is good option for storing large sums of money. |
| insurance | insurance is a financial product that protects people from financial people |
| superannuation | invest your money to help it grow. Can choose your own fund and choose what the money gets invested in. |
| what is the PACED model | Problem Alternative Criteria Evaluate Decide |
| why is the PACED model used to help make financial desicion | helps make smarter more rational financial decisions because it breaks down a decision into certain steps. |
| common types of scams | investment scam, charity scam, psycic and clairvoyant scam and romance scam. |
| similarities between credit union and bank | both offer deposits, credit cards, loans and savings accounts. |
| differences between credit union and bank | a bank is money focused whilst a credit union isn't a bank is owned by shareholders whilst a credit union is owned by the people |
| common type of insurances | car insurance., home insurance, health insurance, life insurance |
| advantage and disadvantage of car insurance | advantages: they cover repair or replacement costs and offer policies like towing. disadvantages: expensive especially for young people and excess may be paid when making a claim. |
| advantage and disadvantage of health insurance | advantages: shorter wait times for surgeries, covers big part of medical bill and more choices of doctors or hospitals. disadvantages: can cost more depending on age or health and not used for people without dependants |
| why is a superannuation compulsory in Australia | gives people a safety net to fall back on and it also encourages people to accumulate their savings. rely less on age pension |
| simple interest formula | PRT ----- 100 |
| types of income | wages, salary, commission, government payments, profits and rental income. |
| need and want | - Needs: essential for survival and wellbeing - Wants: non-essential items for comfort or enjoyment. |
Created by:
mrdino