1.1.3 - The role of business enterprise

When a business launches an updated product with new features, it is best described as adding value through:

• Convenience

• Branding

• Quality

• Design

Which of the following statements best describes the term, unique selling point? When a business:

• Establishes a clear target market for its products

• Develops an aspect of a product that makes it different to its rivals

• Carries out market research effectively

• Produces a range of goods and services

The main purpose of which of the following businesses is to provide a service to customers?

• An independent bakery

• A dog grooming parlour

• A farm

• A specialist skateboard producer

Which of the following statements best describes the term, entrepreneur?

• Someone who buys a product from a business

• Someone who uses goods and services produced by a business

• Someone who works for a business

• Someone who is willing to take the risk involved in starting a business

In order to add value, local grocery stores often sell cheese that has already been grated for the customer. This adds value through:

• Convenience

• Branding

• Quality

• Customer service

One role of an entrepreneur is to organise resources. Which of the following statements best describes this role?

• The ability to take calculated risks

• The skill to think creatively

• Employing workers and buying equipment in order to produce goods

• The prospect of keeping all profits that are generated

Which of the following statements best describes the term, added value?

• When a product stands out from those of its competitors

• Making a product widely recognisable

• The difference between the cost of a product and its selling price

• Making a product convenient to use

Which of the following skills best describes an entrepreneur that has successfully created and launched a unique business idea onto the market?

• Team player

• Communicative

• Organised

• Innovative

An entrepreneur has decided to set up a mobile hairdressing business. The main reason for starting this business was:

• To supply a service to customers

• To produce goods for customers

• To supply a service to suppliers

• To produce goods for suppliers

In order to make its products stand out from those of its competitors, a small chocolate manufacturer produces organic, gluten free, chocolate bars. This is classed as adding value through:

• Customer service

• A unique selling point

• Branding

• Convenience