BUSINESS JUNE PAPER <3

Vision, mission statement, goals and objectives

Key components that guide a business's direction and purpose.

Organisational structure

The framework that defines the hierarchy and reporting relationships within a business.

Demographics

Statistics of the population such as gender, age, etc., influencing market trends.

Psychographics

Customers’ lifestyles and behavior, including attitudes and interests, affecting consumer preferences.

Government tenders

Agreements where goods/services are provided to the government at an agreed price and time.

Triple bottom line

Accounting framework focusing on people, planet, and profit for sustainable business practices.

Employment Equity Act

Legislation promoting preference for previously disadvantaged individuals in employment.

Mergers

Collaboration of two companies to form a new business entity, sharing resources for growth.

Networking

Sharing information and contacts among businesses for mutual benefit and professional growth.

Industrial relations

Relations between management and employees, influenced by union dynamics and labor laws.

Speciality packaging

Packaging tailored to suit the specific product, like packaging designed for a new phone.

Combination packaging

Packaging where multiple products are bundled together, such as soap and a face cloth or shower gel and sponge.

Cost-based pricing

Setting prices based on the cost of goods or services being sold.

Mark-up pricing

Pricing strategy calculated as a percentage above the cost per unit.

Target-based pricing

Setting prices based on achieving specific targets determined by customer willingness to pay.

Competition-based pricing

Setting prices relative to competitors' pricing.

Promotional pricing

Temporarily reducing prices to attract more customers.

Penetration pricing

Selling products at low prices to attract consumers when introducing new products.

Psychological pricing

Setting prices to make customers perceive them as lower, like pricing at R6.99 instead of R7.00.

Trademarks

Symbols or names identifying products, with requirements like being attractive, unique, and promoting the business image.

Perfect competition

Market structure with numerous buyers and sellers, like shares traded on the JSE.

Monopoly

Market structure with a single seller controlling prices and products, such as Eskom.

Direct distribution

Selling products directly from the manufacturer to the consumer.

Indirect distribution

Involves intermediaries like retailers or wholesalers between the manufacturer and the consumer.

Sales promotions

Short-term strategies to increase product sales, such as free gifts or bundle discounts.

AIDA principles of advertising

Attract, Interest, Desire, Action - steps to guide advertising effectiveness.

Personal selling

Face-to-face selling where salespeople highlight product features to convince customers.

Publicity

Creating public awareness through media coverage and communication, often part of public relations.

Production planning

Organizing resources and workplace to maximize efficiency and output.

Workplace safety policy

Includes aspects like CEO signature, review date, visibility, and acknowledgment of employees' right to a safe environment.