Business Growth and Decline

Which of the following is a challenge that both businesses and people face?

• They never face any challenges

• They are confronted by life’s challenges

• They do not need to adapt

• They always succeed

What is a common characteristic of both businesses and people?

• They are all identical

• They do not have their own identity

• They possess individual personalities

• They never fail

What do businesses and people rely on each other for?

• Success

• Identity

• Survival

• Challenges

What is the most striking similarity between businesses and people?

• Both are always successful

• Both never face challenges

• Both pass through a number of distinct stages as they develop

• Both are identical

What is the business life cycle described as in the text?

• A financial report.

• A marketing strategy.

• A model.

• An employee handbook.

Which of the following is a characteristic of the business life cycle?

• Financial stability.

• Marketing effectiveness.

• Stages of growth and development.

• Employee satisfaction.

Which of the following is the first stage of the business life cycle?

• Growth

• Maturity

• Establishment

• Post-maturity

What does the document suggest businesses need to do at each stage of the business life cycle?

• Increase profits

• Respond to challenges

• Hire more employees

• Expand globally

What is a key activity businesses must undertake at each stage of the business life cycle according to the document?

• Innovate new products

• Respond to challenges

• Increase marketing budget

• Hire new staff

Which stage of the business life cycle is characterized by the business having to adapt to changes and possibly reinvent itself?

• Establishment

• Growth

• Maturity

• Post-maturity