Shell has spent millions of dollars on R&D to allow _________________ away from its original oil and gas business.
Differentiation
Movement
Diversification
Spending
An increase in people’s income is likely to lead to ____________ in demand for jewellery.
no change
a decrease
an increase
An increase in environmental consciousness is likely to lead to an increase in demand for plastic bags.
True
False
Think of an industry (such as retail, banking or computing) and list five businesses that compete in that industry.
Show what you got
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?
False
True
Buyer power is ________ when buyers have many choices from whom to buy and __________ when buyers have few choices
better, worse
High, low
low, high
awesome, sucks
A business known for being the best in the industry or the most innovative business in the industry is known as a what?
Price maker
Price taker
Market leader
Market innovator
Michael Porter proposed three “generic” competitive strategies, which are
Cost leadership, differentiation, focus
What are Australia's two main exports?
Iron ore, coal
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
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
A technique used to assess opportunities and costs for a company
Porters Five Forces Analysis
PEST analysis
SWOT analysis
All of the above
No one competitive strategy is guaranteed to achieve success
true
false
When companies invest in robotic technology or other machines to reduce costs, this is called:
Automation
Rationalization
All of the above
Research and development
Businesses must embrace innovation if they wish to achieve a competitive advantage.
True
False
What country is Australia's main trading partner?
China
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?
24%
13%
4%
76%
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