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