E Unit 5

Scenario: Your business plan outlines your company's mission, vision, and operational strategies. What is the primary purpose of this document?

• Minimizing Costs

• • Outlining goals, strategies, and operations

• • Maximizing Profits

• • Reducing Competition

Scenario: An entrepreneur is facing challenges with team conflicts. What method is most likely to lead to a positive resolution?

• Ignoring conflicts

• Blaming others

• Effective communication

• Avoiding conflicts

Scenario: An entrepreneur is assessing the impact of the local economy on their business. What aspect of the business is being evaluated?

• Marketing strategies

• Pricing strategies

• Economic conditions

• Product development

Scenario: An entrepreneur wants to set the right price for a new product. What marketing function is involved in this decision?

• Promotion

• Distribution

• Pricing

• Product Development

Scenario: A company wants to enhance its product based on feedback from customers. What stage of the business cycle does this represent?

• Introduction

• Maturity

• Decline

• Growth

Scenario: A local entrepreneur is facing conflicts among team members. What method would be most effective for resolving these conflicts?

• Ignoring conflicts

• Effective communication

• Avoiding conflicts

• Blaming others

Scenario: A small business owner is conducting a SWOT analysis to understand the internal and external factors affecting the business. What does SWOT stand for?

• Strengths, Weaknesses, Opportunities, Threats

• Sales, Workforce, Operations, Technology

• Strategies, Workforce, Objectives, Tactics

• Supply, Workers, Output, Targets

Scenario: A startup is considering different channels for distributing its products. What marketing function is being addressed?

• Pricing

• Promotion

• Product Development

• Distribution

Scenario: An entrepreneur is analyzing the impact of current economic conditions on their business. What aspect of the business is being assessed?

• Pricing strategies

• Economic conditions

• Demographics

• Product preferences

Scenario: A small business owner wants to enhance the features of their existing product. What stage of the business cycle does this represent?

• Introduction

• Maturity

• Decline

• Growth