Reference no: EM13878506
Question 1 The term that explains what the business intends to do is called a:
Mission
Vision
VRIO analysis
Value System
Question 2 The term that explains how the vision is to be turned into reality is known as the
Mission
Vision
Value added analysis
SWOT analysis
Question 3 Which is NOT a characteristic of a good business plan?
tells a coherent, consistent and cohesive customer focused story
clearly defines the market, its prospects, the customers and suppliers
is supported by those that must implement it.
has advisers from competitive businesses.
Question 4 The first port of call for funds for smaller business ventures are
local bankers
family and friends
equity firms
industry gurus
Question 5 Which is not a component of the Executive summary of a business plan?
Current state of the business
Products and services and the customers
Sources of sustainable competitive advantage
Major obstacles faced
Question 6 An evaluation of an uncertain future, issues and tactics a business must face is known as
risk analysis.
Regression analysis
ratio analysis
product life cycle.
Question 7 Obtaining financial and operational data from competitors against which a business can measure its own performance is known as
market research
industry life cycle
marketing mix
benchmarking
Question 8 The concept that describes the different stages of a product from introduction through growth to maturity and decline is known as
product management
ratio analysis
regression analysis
product life cycle.
Question 9 Analyzing the fit between a business's resources and opportunities and takes nto account how a business may need to adapt is known as
strategic planning
planning for profits
vision
mission
Question 10 Using the PEST Analysis, the economic analysis must include
local, national, and supranational issues.
local, national and global economic factors
changes in technology
shifts in the demographics of the population.
Question 11 the marketing plan include(s) major components which include:
benchmarking.
market analysis.
market strategy.
both b and c.
Question 12 The objective of regression analysis (slthough few owners conduct it) is to:
find a function that best deacribes the relationship between the variables.
find the marketing tool that best fits the company and customers.
evaluate the marketing strategies for the benefit of operstions.
none of the above .
Question 13 Discuss the effects of price elasticity of demand and how it impacts the pricing of business. Include an example in your explanation.
Question 14 In order for a business to carry out its activity, the owner must develop an:
company motto
operational plan
financial plan
employee schedules