business exam(test) 3/4
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business exam(test) 3/4 - Details
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21 questions
| 🇬🇧 | 🇬🇧 |
| Factors Affecting Consumer Decisions (4!) | 1. Psychological Influences 2. Sociocultural Influences 3. Government Influences 4. Economic Influences |
| Psychological Influences (4) | -Perception (positive/favourable perception of product) -Motives (reason for consumer's choice. eg.health,cleanliness) -Attitude (consumer attitude/opinion to business) -Personality (eg. fit person buys fitness items) |
| Sociocultural Influences (4) | -Family & Roles (role in family-parent) -Peer Groups (person belonging to group share same beliefs..) -Social Class (education, income) -Culture & Subculture (eg.emo,furry) |
| Government Influences | -Government policies influence level of economic activity and consumer spending habits. -eg. laws prohibit false advertising, influences business to run differently. Will protect and adjust consumer spending habit. |
| Economic Influence | -Enormous impact on consumers; willingness and ability to spend -eg. During economic boom, consumers are willing to spend because of secure job and income. During recession, there is low level of consumer spending. |
| Consumer rights | Aka consumer guarantees. Basic rights consumers expect when buying product or service. |
| Consumer rights when buying Service | -Care and Skill (competent service provider) -Fit for Particular purpose (service can be used for certain use) -Provided with Reasonable Time (services, weather) |
| Consumer rights when buying Product | -Acceptable Quality (appearances, durable) -Fit for particular Purpose -Matches Description (written/spoken description from business) -Matches Sample/Model -Repair and Spare Parts (from importer/manufacturer) -Title to Product, Undisturbed Possession, No Hidden Debts or Charges (previous owner doesn't owe money for product) |
| Who is ACCC? What do they do? | Australian Competition and Consumer Commission. Enforce fair trading and regulating for benefits of all. ACCC can educated businesses about rights/obligations, and investigate/enforce mislead consumer guarantee. |
| Who is CHOICE? What do they do? | Advocacy group in Aus that helps consumers with anythign consumer-related. Offers legal advice, general/personal financial counselling services. |
| Marketing 4Ps | Product (quality,design) Price (discount, payments) Place (retail location, delivery) Promotion (ads) |
| Social Media. What are its benefits? | Eg. blogs, social networks, crowdscourcing. Offers business cheap method to directly interact and create strong relationship with the customers, develop customer loyalty, and refine their target customer marketing. Creates competitive advantage. |
| Limits of Social media | Consumers can write negative review, criticism. Potential legal problems can arise (misleading claim, copyright concern). |
| Blended Marketing. What are its benefits? | Marketing that is BLEND mix of internet (online) and traditional (offline) marketing. Creates a wide-ranging and comprehensive marketing strategy. Reaches people both with social media and without. |
| Open Innovation | Creating opportunities for a business. Businesses might bring in external (other businesses) ideas and technologies into its own innovation process. -Getting ideas from other businesses to gain a competitive advantage. |
| What is Ethical Consumerism | Practice of purchasing products/services in a way that minimises social/environmental damage. |
| What is Unethical Consumerism | Practice of purchasing products/services in a way that HARMS social/environmental damage. |
| How can a business act Unethical? | Bad working conditions for workers, false accounting, harassment, data privacy, discrimination. |
| How can a business act Ethical? | Promote mental and physical health of workers, integrity, respect, good working conditions |
| Innovation | Creating a new product, or improving (developing) a product. Innovation gives business a competitive advantage. |
| Elements of campaign marketing | -research -publicity -promotion -advertising -evolution |