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Business & the Consumer Why Do Businesses Fail? Real Life Business 10 Point 20 Points 30 Points 40 Points 50 Points 10 Point 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points Starting a Business Understanding Business
First Column Questions and answers
Having two or more businesses under one roof is commonly referred to as? Give Example?
What is Co-Branding? Home Depot/Harvey’s
Over the years, many products become _______ which means they are no longer in use? Example?
What is Obsolete? Cassette Tapes, Typewriters
1)Item that is necessary for survival? 2)Item that is not necessary for survival, but adds pleasure Examples?
1. Need – Food, shelter clothing 2. Want –T.V./Phones
The point at which revenue equals expenses?
What is Break even?
What are the five steps in the decision making model?
1. Define the decision 2. Identify the alternatives 3. Evaluate the adv/dis of each alternative 4. Make a decision 5. Evaluate the decision
Second Column Questions and Answers
You might even be strongly influenced by your friends to buy something you don’t really want
What is peer pressure?
Name 3 factors that affect buying decisions?
Income and Price, Status, Current Trends, Customs and Habits, Safety
Explain: 1. Time spent in store 2. Contact Time 3. Wait Time
1. Time shopper spends in store 2. Time customers spend with store employees 3. Waiting in line to pay
What store does a great job of “time spent in store” (Maze)
Ikea!
Name 2 of the 5 reasons that people hesitate to purchase goods online?
1. Worry about unreliable or dishonest retailers 2. Do not want to deal with the hassle of returning goods 3. Worry about their credit card 4. Junk Mail 5. Want to see and touch what they buy
Third Column Questions and Answers
You can borrow money to start your own business
What is debt financing?
You can use money from your savings or investors to start your business
What is equity financing?
Home-based business-sometimes called “soho” is short for what?
Small office, home office
How can you finance the start-up of your business? Name 3
Loans, friends, family, investors
Name 4 start up costs associated with opening a business?
Rent/mortgage Salaries Advertising Equipment Buy goods your selling
Fourth Column Questions and Answers
Business Failure often results from the lack of one of the two major Business skills. What are both?
Marketing/Accounting
What are marketers good at? What are accountants good at?
Marketers: Good at promotional ideas, creative, select products that will be popular, style, fashion Accountants: Set budget and buying quotas(limits on inventory), keep financial records, sales targets, make sure business is profitable
Many successful Businesses decide to expand or develop new products (Why?)
They feel that there is a demand for their product and they can profit
Experienced Business people suggest that you have one full year of operating expenses in reserve. Why?
Buy inventory, pay employees, construction and all other expenses involved in running the Business. May take more than 1 year to turn a profit.
What can Businesses do to stay ahead of their competitors? Name 3
Offer better product quality, service, price, location, reputation or expertise
Fifth Column Questions and Answers
What is a luxury good worth over 1 million dollars?
Plane, Yacht, Certain Cars
Name one of the main locations for the stock exchange in North America? (There are 2 main ones)
New York, Toronto
Name 2 currencies that are stronger than the Canadian dollar?
US Dollars, Euros, Pounds
What is the fundamental goal of business?
To Earn A Profit!
Name a familiar Billionaire?
Mark Zuckerberg, Bill Gates, Warren Buffet, Oprah
Make your wager
Who co-created Apple with Steve Jobs? (20pts)
Steve Wozniak, Ronald Wayne