Entrepreneurship Summative 1

What is the primary objective of a feasibility study?

• To secure financing

• To reduce risk

• To determine the feasibility of a business idea

• To create a detailed marketing strategy

Which part of the business plan describes the overall purpose and direction of the business?

• Business Model

• Environmental Analysis

• Executive Summary

• Marketing Strategy

Which of the following is NOT a type of business model mentioned in our discussion?

• Retail Business Model

• Subscription Business Model

• Franchise Business Model

• Partnership Business Model

What does consumer analysis focus on?

• Market Forecast

• Target Market

• Competitor Strategies

• Wealth Improvement Approaches 

Which section outlines how a business will attract customers and drive sales?

• Business Model

• Competitor Analysis

• Marketing Strategy

• Financial Plan

What is included in the environmental analysis of a business plan?

• Business Model

• Industry Trends

• Executive Summary

• Product Position

What type of business model involves licensing a brand and operational procedures to others?

• Subscription Model

• Franchise Model

• Freemium Model

• Marketplace Model 

What is the purpose of a business’s vision statement?

• To outline the business's structure

• To describe the business’s long-term aspirations

• To detail the business’s marketing strategy

• To identify the business’s target market

Which factor is NOT considered in deciding the location of a business?

• Proximity to customers

• Distance from raw materials

• Geographic conditions

• Employee salaries

What is the first step after having a business idea?

• Prepare the business plan

• Conduct a feasibility study

• Test the possibility of the idea

• Create a marketing strategy