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Business concept

Business concept

Assessment

Presentation

Other

12th Grade

Practice Problem

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Created by

jason worrell

Used 7+ times

FREE Resource

4 Slides • 8 Questions

1

Business concept

Lower 6th

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2

Business concept

An idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors.

3

Sources of business concept

1.New products

2.New services

3.New processes

4.New markets

5.New organisation structures/forms

6.New sales or distribution channels

7.New development paradigms.

4

When describing a business idea, the entrepreneur should answer the following questions:

  • What is my product/service?

  • What does my product/service do?

  • How is it different or better than other products/ services?

  • Who will buy the product/service?

  • Why will they buy the product/service?

  • How will the product/service be promoted and sold/offered

  • Who are my competitors?

5

Multiple Choice

Which of the following is NOT a source of a business concept?

1

New markets

2

New products

3

Existing markets

4

New organizational structures

6

Multiple Choice

An entrepreneur creates new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying

1

threats

2

people

3

products

4

opportunities

7

Multiple Choice

Question image
1

A

2

B

3

C

4

D

8

Multiple Choice

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1

A

2

B

3

C

4

D

9

Multiple Choice

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1

A

2

B

3

C

4

D

10

Multiple Choice

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1

A

2

B

3

C

4

D

11

Multiple Choice

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1

A

2

B

3

C

4

D

12

Multiple Choice

Question image

1

A

2

B

3

C

4

D

Business concept

Lower 6th

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