Business Management Assessment

WHAT IS YOUR NAME ?

What is the primary goal of marketing?

• To focus solely on sales figures.

• To increase product prices.

• To create advertisements only.

• To identify and meet customer needs.

Define the term 'target market'.

• A target market refers to the geographical area where a business operates.

• A target market is the total population of a country.

• A target market is a specific group of consumers that a business aims to reach with its products or services.

• A target market is a random selection of consumers without specific characteristics.

What is the difference between fixed and variable costs?

• Fixed costs are always higher than variable costs.

• Variable costs remain constant regardless of production levels.

• Fixed costs do not change with production levels, while variable costs do.

• Fixed costs can be adjusted based on market demand.

Explain the concept of cash flow.

• Cash flow is the amount of money a business has in its bank account at any time.

• Cash flow refers to the total profit a business makes.

• Cash flow is the process of investing money in stocks and bonds.

• Cash flow is the net amount of cash being transferred into and out of a business.

What are the key principles of business ethics?

• Honesty, transparency, accountability, fairness, respect, compliance with laws

• Ignoring employee welfare

• Avoiding all forms of competition

• Profit maximization at all costs

Why is corporate social responsibility important?

• It is only important for large corporations.

• It primarily focuses on maximizing profits.

• Corporate social responsibility is a legal requirement.

• Corporate social responsibility is important for building trust, enhancing reputation, attracting talent, and contributing to sustainability.

What is an entrepreneur?

• A person who only invests in stocks

• Someone who works for a large corporation

• An entrepreneur is a person who starts and runs a business, taking on financial risks in the hope of profit.

• A government official managing public funds

List three characteristics of successful entrepreneurs.

• Resilience, adaptability, strong leadership skills

• Lack of focus

• Poor communication skills

• Inflexibility

What is the purpose of market research?

• To create advertisements without understanding the audience.

• To eliminate competition in the market.

• To increase product prices without justification.

• The purpose of market research is to understand consumer needs and market dynamics to inform business decisions.