Chapter 3 and 4 Entrepreneurship IT

Which of the following is not an element of business definition?

• the offer

• the acceptance

• target market

• production and delivery capability

Business definition answers the questions of who, what, and ________.

• how

• when

• why

• None of the above.

A ________ is a group of people who would be interested in buying a given product or service.

• market

• consumer

• customer

• target

________ is the core values of an organization in action.

• Mission

• Culture

• Vision

• None of the above.

Your ________ is a concise communication of your strategy including your business definition, purpose, and your competitive advantage.

• target market analysis

• business plan

• values statement

• mission statement

Business definition + competitive advantage is ________.

• competitive tactics

• competitive strategy

• business mission

• business plan success

For a business to be successful, a competitive advantage must be ________.

• expensive

• legal

• sustainable

• profitable

The six factors of competitive advantage are quality, price, location, selection, service, and speed/turnaround.

• True

• False

To help determine whether your business will be profitable, calculate the ________.

• difference between the costs and profits for one unit

• economics of one unit

• cost of goods sold

• marginal cost of one unit

Total gross profit = ________.

• profit - cost of goods sold

• cost of goods sold - total revenue

• revenue - cost of goods sold

• revenue - operating costs