business inclass - influences in envir + critical issues Flashcards Preview

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Flashcards in business inclass - influences in envir + critical issues Deck (11)
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1
Q

personal qualities

A

Qualifications, skills, motivation, entrepreneurship, cultural background, gender

2
Q

Sources of info

A
  • Personal hobbies or interests
  • Previous skills and experiences
  • Previous work experience
  • Dissatisfaction with existing products
  • Networking
3
Q

Business idea- types of comp

A

Level of competition may determine price, ease of entry, success of product and marketing strategies

4
Q

monopoly

A

only one seller. ^ set price

5
Q

Oligopoly

A

a few large sellers supply a sizeable portion of products in the market

6
Q

Monopolistic

A

many sellers offer differentiated products

7
Q

Perfect

A

many sellers of identical products

8
Q

Establishment options

A

new, existing, franchise

9
Q

Legal

A

Business name, zoning, health

10
Q

market considerations - g and s

A
  • Businesses fail without a market for their goods or services, so must always undertake market analysis.
  • The first decision business owners need to determine is what goods and/or services they are going to sell.
11
Q

market considerations - price

A
  • Prices set too high may drive away potential customers
  • Prices set too low may make it difficult to achieve a profit.
  • Keeping an eye on current price of competitor’s products can give the business a competitive advantage in pricing.