Business Baseline Knowledge Assessment

What is the primary purpose of a business plan?

• To acquire inventory

• To outline goals, strategies, and financial projections

• To set pricing for products

• To advertise products

What are the basic 4 P’s of the Marketing Mix?

• Product, Price, Place, Promotion

• People, Processes, Profit, Packaging

• Planning, Pricing, Position, Partnership

• Product, Payment, Policies, Publicity

Market research is primarily used to:

• Increase inventory

• Understand consumer preferences and market trends

• Hire employees

• Set operational hours

SWOT analysis includes:

• Sales, Wages, Operations, and Tax

• Strengths, Weaknesses, Opportunities, and Threats

• Services, Warehousing, Options, and Tools

• Strategies, Workers, Opportunities, and Tactics

Which pricing strategy involves setting prices based on competitor rates?

• Cost-plus pricing

• Competitive pricing

• Psychological pricing

• Dynamic pricing

The primary goal of promotions in marketing is to:

• increase brand awareness

• boost sales

• engage customers

• enhance product visibility

What does ROI stand for?

• Return on Inventory

• Return on Investment

• Revenue on Inventory

• Revenue on Investment

Which metric measures profitability before operating expenses are deducted?

• Net profit margin

• Gross profit margin

• ROI

• Cash flow

What is a primary benefit of implementing secure e-payment systems for online retailers?

• They automatically generate product descriptions

• They allow customers to pay securely and conveniently

• They reduce employee turnover

• They improve HR compliance

Payroll systems are part of which business area?

• Talent management

• HR systems

• Inventory management

• Budgeting