Topic 1 and 2 - Revision Quiz 1

What is the primary aim of an entrepreneur?

• To take risks and start a business

• To manage an established business

• To copy competitors

• To avoid competition

What does market research help a business understand?

• Competitor profits

• Customer needs

• Employee salaries

• Government regulations

Which of the following is an example of primary research?

• Reading a magazine

• Conducting customer surveys

• Analyzing competitors

• Using government data

What is a niche market?

• A broad market

• A small, specialized market

• A declining market

• A market with many competitors

Which of these is a financial motive for starting a business?

• Independence

• Earning profit

• Gaining a monopoly

• Increasing market share

Why do businesses segment the market?

• To increase production costs

• To target specific customer needs

• To reduce quality

• To avoid competitors

Which of the following is a method of qualitative research?

• Numerical data

• Customer opinions

• Company profits

• Sales figures

What is meant by a "unique selling point" (USP)?

• A brand's logo

• A distinctive feature that makes a product stand out

• A method of production

• A product name

What is a risk for an entrepreneur?

• Unlimited profit

• Financial loss

• Guaranteed sales

• Free government funding

How does customer feedback help a business?

• Increases costs

• Helps improve products

• Reduces staff motivation

• Reduces profits