Lesson 2 Quiz - Environment and Market

______________ refers to luxury and extravagance that signify wealth and an expensive way of living.

• NEED

• WANT

• BUSINESS

• COST OF LIVING

The following are examples of peoples’ basic needs, EXCEPT:

• Recreation

• Shelter

• Clothing

• Food

Which of the following should be considered first by a prospective entrepreneur in choosing the right location for his/her store?

• Type of merchandise

• The access of the target customers

• The attractiveness of the store layout

• The prevailing prices of goods in the area

Aaron plans to put a “digi-print” studio in their locality. Which of the following will help him determine his plan for a success setting up of his business?

• Survey of consumer associations

• Checking for similar business to avoid competition

• Getting feedback on the quality of service

• Conduct a SWOT analysis

Howard studies the population in his immediate community. He is doing this to –

• identifies his would be “suki”.

• predicts his biggest buyer.

• selects his favorite costumers.

• determines whom to sell his product or service.

When an entrepreneur improves and alter products to make it more appealing to target consumers, he/she is doing an -------- of the product.

• alteration

• invention

• innovation

• improvisation

_____________ are other businesses who can offer the same or similar goods and services to your customers.

• Enemy

• Business partners

• Competitors

• Customers

_____________________ refers to essential to every individual so he/she may be able to live with dignity and pride in the community of people.

• business

• basic needs

• wants

• luxury

These are internal in the organization. They relate to resources owned by an organization that you have control over and also extent of its marketing. (Please select 2 answers)

• Strengths

• Weaknesses

• Opportunities

• Threats

This refers to the process of making a new product to be solve by a business or enterprises to its customers.

• Concept Development

• USP

• Finding Value

• Product Development