Business Basics

Who are the people that buy goods or services from your business?

• Suppliers

• Employees

• Customers

• Competitors

What are the names of the businesses that offer similar products or services as your business?

• Hair salon

• Market research, online directories, industry associations

• Bakery

• Car wash

What are the different tasks involved in running a business?

• The different tasks involved in running a business include strategic planning, marketing, sales, operations, finance, human resources, and customer service.

• Reading, writing, and arithmetic

• Skiing, swimming, and skydiving

• Cooking, cleaning, and gardening

What are some ways to get money to start or grow a business?

• Selling personal belongings

• Borrowing from friends and family

• Taking out a loan, seeking investment, crowdfunding, using personal savings, finding grants and subsidies

• Winning the lottery

How can you figure out how much money you need to start your business?

• Use a magic 8-ball to decide

• Create a detailed business plan

• Ask your friends for money

• Guess the amount and hope for the best

What are some ways to effectively market a business?

• Word of mouth advertising

• Using social media platforms

• Putting up posters in the neighborhood

• Writing letters to potential customers

Who are the individuals responsible for managing the financial aspects of a business?

• Marketing team

• Accountants and financial advisors

• Human resources department

• Customer service representatives

How can a business determine the needs and preferences of its target customers?

• Conducting surveys and interviews

• Guessing based on personal preferences

• Ignoring customer feedback

• Using outdated market research data

What are the key components of a successful marketing strategy?

• Utilizing social media, email marketing, and content creation

• Playing video games, watching TV, and sleeping

• Learning to play a musical instrument, painting, and cooking

• Reading, writing, and arithmetic

Who are the individuals responsible for managing the human resources of a business?

• Marketing team

• Human resources department

• Accountants and financial advisors

• Customer service representatives