Business enterprise

According to the video, why do businesses exist?

• a) To provide goods and services
• b) To make people work harder
• c) To confuse customers
• d) To lose money

How does Gymshark make a profit?

• a) By selling expensive products
• b) By targeting a specific age group
• c) By meeting customer needs effectively
• d) By providing low-quality goods

What is the key to turning a business idea into a profitable business?

• a) Selling products at a high price
• b) Meeting customer needs
• c) Using social media influencers
• d) Offering discounts

How did Gymshark demonstrate its commitment to customers during a Black Friday sale?

• a) By increasing prices
• b) By writing apology letters and offering discounts
• c) By ignoring customer complaints
• d) By closing its website

What is Gymshark's target market?

• a) People of all ages
• b) 18 to 25-year-olds interested in fitness and fashion
• c) Children and teenagers
• d) Elderly individuals

How does Gymshark make its brand culturally relevant?

• a) By offering the cheapest gym clothing
• b) By selling only online
• c) Through influencer marketing and using Gymshark athletes
• d) By not using any marketing strategies

What does the video identify as the final role of business?

• a) To create products
• b) To provide customer service
• c) To meet customer needs
• d) To add value

How can a business add value to its products or services?

• a) By lowering the quality
• b) By increasing prices
• c) By making the product less appealing
• d) By making it more appealing to the target customer

What is one way Gymshark differentiates itself from other gym clothing brands?

• a) By selling the same products
• b) By having the lowest prices
• c) By having unique designs and features
• d) By avoiding branding

What has been the result of Gymshark's willingness to take risks, organize resources, and make good business decisions?

• a) A decline in profits
• b) Failure of the brand
• c) Becoming a major brand valued at over 1 billion dollars
• d) A decrease in customer satisfaction