Business Exploration Unit 7 Test Review

A __________ is created by a consumer need, problem, and desire

• Competitive Analysis

• Business opportunity

How does limiting a company's scope benefit the company?

• It makes it easier to produce a high quality product.

• It lowers the company's taxes.

• It allows the company to hire more employees.

What type of trend is caused by changes in the characterics of a population?

• Competitive trend

• Demographic trend

• Style trend

Health food and exercise are examples of what type of trend?

• Technology

• Demographic

• Lifestyle

Which of the following sections of a business plan comes first but should be written last?

• Executive Summary

• Products and services

• Funding requests

 In a company's SWOT analysis, which of the following is an example of a strength?

• A demographic trend increases demand for the company's product.

• The company's employees are efficient and productive

• A law is passed that decreases demand for the company's product.  

 The spoken version of your company's purpose is called

• Your Values

• An Elevator Pitch

• Vision Statement

 Which of the following is one of the main things to consider when evaluating a business opportunity?

• Customer demand for the product

• Style and Entertainment trends

• Mission statements of competitors

If a company's scope is too big, what is likely to happen?

• Employees will participate in a SWOT analysis

• Employees will have better morale.

• The company will lose direction and focus.

It's helpful to write a company's mission statement in what way?

• By providing a list of product prices

• By describing what the company does for its customers