Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Year 9 Commerce > Promoting and Selling > Flashcards

Promoting and Selling Flashcards

(65 cards)

Start Studying
1
Q

What is a customised approach?

A

A customised approach is when a business modifies their marketing strategies to take into account the differences among countries’ cultures, religion and tastes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a promotional mix?

A

A promotional mix is the various strategies a business uses in its promotional campaign.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the Code of Ethics?

A

The Code of Ethics refers to doing the right thing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Ways businesses can act ethically:

A
  • Paying employees decent wages
  • Environmental sustainability
  • Having a diverse workforce
  • Providing honest information when advertising
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is advertising?

A

Advertising is creating and sharing messages to promote products or services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a brand?

A

A brand is a unique name, term, design, symbol or other feature that distinguishes a product or service from competitors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is market segmentation?

A

Market segmentation is the process of diving a business market into sub-groups of consumers based on shared characteristics.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is promotion?

A

Promotion is all the activities that communicate the benefits of a product and persuade customers to buy it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is personal selling?

A

Personal selling is a face-to-face selling technique.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a target market?

A

A target market is a group of customers a business plans to sell its products and services to.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is product differentiation?

A

Product differentiation is the process of distinguishing a product or service from others to make it more attractive to a particular target market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Key considerations for planning and organising a small business:

A
  • Market research
  • Location
  • Demographics
  • Competition
  • Target markets
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define marketing.

A

Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is a niche market?

A

A niche market is a narrowly selecred target market segment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the 4 P’s?

A
  • Product
  • Price
  • Promotion
  • Place
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the 5 legal structures of businesses?

A
  1. Sole trader
  2. Partnership
  3. Private company
  4. Public company
  5. Incorporated association
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What does the term ‘incorporated’ refer to?

A

‘Incorporated’ refers to the process companies go through to become a separate legal entity from the owner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

2 characteristics of a private company:

A
  • Usually has between 2 and 50 shareholders with limited liability
  • Businesses are small to medium sized.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

2 characteristics of a public company:

A
  • Unlimited number of shareholders
  • Listed on Australian Stock Exchange (ASX)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

2 characteristics of an incorporated association:

A
  • Small, non-profit and non-commercial
  • Has its own legal identity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Types of finance:

A
  • Debt
  • Equity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Define debt.

A

Other people’s money from banks, finance companies and trade suppliers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Define equity.

A

The owners or shareholders’ contributions (captial, retained profts or ordinary shares).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Advantages of debt financing:

A
  • Owner does not have to sell any ownership in the business to raise funds
  • Tax deductions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Advantages of equity financing:
* Does not have to be repaid unless the owners decide to leave the business * No interest payments
26
What is a loan?
A loan is an agreement to burrow an amount of money that needs to be repaid within a certain period of time.
27
What is a secured loan?
A secured loan is when the burrower offers an asset as security.
28
What is an unsecured loan?
An unsecured loan is when a burrower does not need to have an asset to offer as security but the interest rate is usually higher.
29
3 ways of going into business:
* Setting up a new business * Purchasing an existing business * Purchasing a franchise
30
3 Factors to consider when choosing a location for a business:
* Cost * Visibility * Closeness to comeptitors
31
Planning considerations involved in running a business:
* Staffing * Location * Equipping premises * Obtaining realistic valuations
32
Keys to success:
* Prior experience in the field * Ability to learn from mistakes * Working with a strong team * Access to information * Entrepreneural abilities
33
Barriers to success:
* Unwilling to take risks * Not enough time or energy * Difficulty raising capital to finance the business gesture * Failure to plan
34
Key considerations involved in running a small business:
* Regulations * Marketing strategies * Ethical decision-making
35
What is taxation?
Taxation is the compulsory payment of a proportion of earnings to the government.
36
Types of taxation:
* Income tax (PAYG) * Company tax * Goods and Services Act (GST) * Fringe Benefits Tax (FBT)
37
What is PAYG?
Pay As You Go is tax paid in installments by withholding a certain amount of tax from employees' paycheck.
38
What is company tax?
Company tax is paid on the earnings of a company and is calculated on their taxable income.
39
What is the GST Act?
The Goods and Services Act is a tax of 10% on the supply of most goods and services consumed in Australia.
40
What is the Fringe Benefits Tax?
Fringe Benefits Tax is paid by employers for any benefits they provde to an employee in place of salary or wages.
41
Ways to investigate business opportunity:
* Market research * Location * Demographics * Competition * Target markets
42
What is market research?
Market research is the process of information gathering.
43
What is location?
Location is the place of the business.
44
What are demographics?
Demographics are population characeristics that affect customer spending
45
What is competition?
Competition is rivalry among businesses that try to supply the needs and wants of a market.
46
What is a target market?
A target market refers to the group of customers to whom the business intends to sell its products.
47
Ways a business can be socially responsible:
* Minimise waste and pollution * Conserve the use of energy * Protect the health and safety of customers
48
Sources of support and advice to small businesses:
* Accountants * Solicitors * Universities, TAFE or colleges * Bank managers * Trade associations
49
Government agencies that provide support:
* Services Australia * Austrade
50
Purpose of finanical records:
* Meet legal obligations * Tax benefits * Managing cash flow
51
Key business documents:
* Profit and loss statement * Balance sheet * Cash flow statement
52
What is a profit and loss statment?
A profit and loss statement shows a company’s profit or loss through expenses
53
What is a balance sheet?
A balance sheet is a statement of finanical position of a business at a particular time.
54
What does a balance sheet record?
* Value of assets * Value of liabilities * Owner's equity
55
assets =
liabilities + owner's equity
56
What are current assets?
Current assets are assets that will be used up or change value within a year.
57
What are non-current assets?
Non-current assets are assets that will last longer than a year.
58
What are liabilites?
Liabilities are debts owed by a business to others. There are two categories: current and non-current.
59
Whta are current liabilites?
Current liabilites need to be repais in less than a year.
60
What are non-current liabilites?
Non-current liabilities need to be repaid in longer than a year.
61
What is a cash flow statement?
A cash flow statement indicates the movement of cash receipts and cash payments.
62
Define liquidity.
Liquidity is the ability of a business to pay its short-term debts on time.
63
What is risk management?
Risk management is assessing risks, estimating costs, and minimizing them.
64
List some possible risks:
* Rising bad debts * Lawsuits * Falling sales
65
What are the business functions?
- Management of operations - Management of Human Resources - Management of marketing - Management of finance

Year 9 Commerce (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions