A technique used to assess opportunities and costs for a company
PEST analysis
SWOT analysis
Porters Five Forces Analysis
All of the above
15
When companies invest in robotic technology or other machines to reduce costs, this is called:
Research and development
Automation
Rationalization
All of the above
15
Shell has spent millions of dollars on R&D to allow _________________ away from its original oil and gas business.
Diversification
Differentiation
Movement
Spending
15
A business known for being the best in the industry or the most innovative business in the industry is known as a what?
Market innovator
Price maker
Price taker
Market leader
15
Think of an industry (such as retail, banking or computing) and list five businesses that compete in that industry.
Show what you got
25
Businesses must embrace innovation if they wish to achieve a competitive advantage.
False
True
15
Nike has created a competitive advantage by focusing on social media, including its own social network (Nike+), and introducing Nike concept stores. What might happen if it did not attempt to build or create a competitive advanta
Competitors would likely become leaders in the market
15
An increase in people’s income is likely to lead to ____________ in demand for jewellery.
a decrease
an increase
no change
15
An increase in environmental consciousness is likely to lead to an increase in demand for plastic bags.
True
False
15
Charlie owns and operates a teddy bear factory. Last year, he earned $250 000 in sales revenue with expenses of $190 000. Charlie has not made a profit. True or false?
True
False
15
Charlie owns and operates a teddy bear factory. Last year, he earned $250 000 in sales revenue with expenses of $190 000. What is the profit margin for Charlie’s business?
76%
24%
13%
4%
15
Differentiation is…
Making a product fit in
Making a product affordable
making a product stand out.
making a product that already exists.
15
Is this hypothesis? : Australia has firmly taken its place within the broader Asia region in recent decades due to the process of increasing economic interdependence.
true
false
15
Buyer power is ________ when buyers have many choices from whom to buy and __________ when buyers have few choices
