English Course Management

............ about the product or service are keys to a successful business.

• Knowledge and expertise

• Data and information

• Experience and networking

• Suppliers and

  demands

A market survey can be conducted to .................... .

• be recognized as a factor of production

• require more knowledge

• identify the market for the business to be started

• have a domestic market

After identifying ............. required for starting the business, the financing pattern will need to be decided.

• market demand

• the initial costs

• potential customer

• market costs

“What is unique about the product / service which will be offered to survive the market competition”? is the question to .....

• be stronger than the competitors

• to meet the working capital

  requirement

• enter the business in spite of the market competition

• have an advantage

Below are factors that need to be considered in choosing a location to set up an English course, except...

• market

• convenience

• transport costs

• sales

• safety

The ROI needs to be compared with the return that would be earned from alternative business options available. For example, ........... .

• ROI must be greater than the rate of interest

  earned from a fixed deposit kept with a bank

• ROI is low in the initial years and is expected to grow on a year on year basis

• Return on Investment (ROI) is calculated as Net Profit divided by the

  Investment made

• Noncompliance with the statute could lead to huge fines and penalty and

  hamper the success of a new business

The ............ needs to be carefully chosen since they are the ones who could make or break the business.

• capital

• staff

• market

• competitor

Short term funds should not be used for.... .

• employees' salaries

• promotion

• the purchase of fixed assets

• monthly cost

"Most products are region specific".

The statement means below, EXCEPT....

• some products sell well in some areas while the same product does not sell that much in another area.

• Same products may not be received in the same ways when they are sold in different areas.

• Products should consider the local costums and needs.

• Same products will have the same opportunity of sales despite of the different locations.

In case of the demand is not really huge, what you should NOT do to enter the business?

• You will need to be stronger than the competitors to gain an entry.

• You need to offer unique producs or services.

• You need to know what is you competitors' market strategy and what factors are required to compete with them.

• You need to have the experince to win over the competitors.