BSTD Cards

• Using fair advertising is an example of ethical business practices
• Creative thinking


  Ideas that are original and useful to solve business challenges
• Eight step system for managing change

  Designed by John P. Kotter
• Production scheduling


  Controlling the timing of each task within the production process
• Skimming


  The practice of charging a very high price when a new innovative product is introduced to the market
• Conventional solutions


  Ordinary and unimaginative solutions
• Globalisation


  International influences businesses must be able to deal with
• Workplace forum


  Approach that aims at promoting and protecting human rights
• Monopolistic competition


  Market with many buyers and sellers and each supplier has own brand of a particular product
• Quality circles


  Group of employees that meet on regular basis to discuss quality related problems in the workplace
• Creative thinking


  Elaboration on the meaning
• Dream Travels is using a group of business experts to complete questionnaires to help solve their problem
• Applying the problem-solving technique used by Dream Travels

  Steps to apply the technique
• Advantages of creative thinking in the workplace

  • Elaboration on the advantages
• Categories of consumer goods

  • 4 categories outlined
• Bargain Clothing Manufacturer calculated the budget, machines and manpower to determine expected output and set up the actual route which the materials will follow in the process to save time and costs
• Bargain Clothing Manufacturer considered production planning aspects
• Production planning aspects considered by Bargain Clothing Manufacturer

  Budgeting, determining expected output, setting up production route
• Sales promotion


  The process of persuading a potential customer to buy the product
• Ethics


  Distinction between ethics and professionalism
• Professionalism


  Distinction between ethics and professionalism
• Marketing activities


  • Keeping perishable products in cold room
  • Continuing daily operations despite drought
  • Sorting products into exact classes
• Quality control


  Distinction between quality control and quality assurance
• Quality assurance


  Distinction between quality control and quality assurance
• Stress


  Elaboration on the meaning in the context of the COVID-19 crisis
• Crisis


  Elaboration on the meaning in the context of the COVID-19 crisis
• Ways businesses can deal with business-related crises

  Explanation of the ways
• Trademark


  Elaboration on the meaning
• Requirements of a good trademark

  • Explanation of the requirements
• Types of packaging


  • 5 different kinds/types of packaging advised
• If a patient has a fever, it can indicate that they have an underlying illness such as pneumonia, urinary tract infection (UTI), or gastroenteritis.
• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational

  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Consumers act rationally by


  Maximising their utility
• Producers act rationally by

  Selling goods/services in a way that maximises their profits
• Workers act rationally by

  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by

  Placing the interests of the people they serve first in order to maximise their welfare
• Groups assumed to act rationally

  • Consumers
  • Producers
  • Workers
  • Governments