business | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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Explain “trade-off” in 20 seconds + give a business example ⏱️.

Model answer: A trade-off is a balance between cost and quality; for example, cheaper production may reduce product quality.

Do low-cost companies always mean lower quality, or is that an outdated assumption? 🤔.

Model answer: In my opinion, the perception that low-cost means low quality is outdated; however, many companies are simply more efficient.

Is it more important to discover a niche market or focus on what is already popular?

Give an example of a business activity that doesn't directly involve selling a physical product.

Consulting services, house cleaning, or web design.

Why do traditional brands struggle against low-cost competitors? 🏢. 💡

cost structure, supply chain, to procure, inventory turnover rate

Should a restaurant open where there are no restaurants or where there are lots of restaurants?

What kind of startups do you know from your country/city?

Besides profit, what might motivate some businesses?

Social impact or a specific cause (e.g., non-profit organizations).

What does this mean? “If it’s cheap, you are the product.” 📱

free service, data, to monitor, engagement activity, valuation

Give 2 advantages and 2 disadvantages of low-cost strategies.

efficiency, trade-offs, quality, wastage

Do you agree? “Customers don’t care how cheap it is if the experience is bad.” 😤

customer loyalty, trade-off, sustainable, to thrive

⚖️ Dilemma: Invest in sustainability or keep prices low? 🌱💰

sustainable, expensive, wastage, cost of goods sold

Where can new businesses raise capital from?

How difficult is it to start a new business?

Very difficult – high risk of failure, legal costs, need for finance, and constant trade-offs.

Who would you feel more comfortable investing in: someone with a good idea or someone with a good business mind?

What types of business have a high failure rate?

What assistance does your government give to new businesses?

Why are businesses important in society?

They provide jobs, create products and services that improve our lives, and contribute to the economy.

How can a startup determine who its potential customers are?

Why do so many new businesses fail? What kind of mistakes do people make when starting a new business?

Should governments regulate low-cost companies more strictly? 🏛️

regulation, to protect, consumers, involuntary labor, supply chain

What business ideas could you start with little or no capital?

Why are customers so tempted by cheap deals even if they don’t need the product? 🛍️.

Model answer: I believe that customers are tempted because of impulsive behaviour and attractive pricing strategies.

Is it better for the economy to rely on large established businesses or to promote startups?

What are the most profitable businesses to start?

💬 Quote: “Low prices always come at a hidden cost.” 💸

👉 Do you agree or disagree? Why? 👉 Can you think of a real example?

Your company can reduce costs by cutting customer service. Do you do it? 📉📞.

Model answer: On the one hand, it’s a clear trade-off, although it could have a negative impact on customer loyalty.

Is overconsumption driven by low-cost business models? 🛒 💡

overconsumption, to influence, behaviour, micro-trend, waxing and waning