11 Questions
Which type of market is Sam's business operating in?
Monopolistic competition
What kind of clothes does Sam's business design and sell?
High fashion
What does Sam's business specialize in?
Designing and selling custom-made high fashion clothes
Sam runs a business that designs and sells custom made high fashion clothes In which type of market is sales business operating
Niche
A business is purchasing a new property Which source of finance would be the most appropriate
Mortgage
A business in crisis needs to make immediate and timely decisions in order to survive Which leadership style does a manager of this business need to adopt
Democratic
A business requires new manufacturing equipment Which of the following would provide leading for this equipment
Finance companies
A biscuit manufacturer reduces the price of its biscuits to below cost in order to attract more customers What identifies this approach
Skimming
Which term refers to a sales technique disguised as a market research
Telemarketing
A sole trader cleaning business purchases generic products to lower costs and be price competitive This is an example of which strategy
Cost leadership
Which independent federal body ensures that business adhere to government regulations maintain appropriate financial information and provide consumer protection
Australian securities exchange
Study Notes
Business Operations
- Sam's business operates in a high fashion market and designs and sells custom-made clothes.
- The business specializes in custom-made high fashion clothes.
Financing
- For a business purchasing a new property, long-term financing would be the most appropriate source of finance.
- For a business requiring new manufacturing equipment, leasing would provide funding for this equipment.
Leadership and Crisis Management
- A business in crisis requires a manager to adopt a dictatorial leadership style to make immediate and timely decisions for survival.
Marketing Strategies
- Reducing the price of a product to below cost to attract more customers is an example of predatory pricing.
- A sales technique disguised as a market research is referred to as sugging.
Competitive Strategies
- A sole trader using generic products to lower costs and be price competitive is an example of a cost leadership strategy.
Government Regulations and Protection
- The Australian Securities and Investments Commission (ASIC) is an independent federal body that ensures businesses adhere to government regulations, maintain appropriate financial information, and provide consumer protection.
Test your knowledge on market types with this quiz! Discover if Sam's business, which designs and sells custom made high fashion clothes, operates in a perfect competition, monopolistic competition, oligopoly, or monopoly market.
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