Business Concepts Quiz tle8

Which of the following refers to a managerial tool to assess the environment and to gather important information that can be used for strategic planning?

• Environmental Scanning

• SWOT Analysis

• Survey Analysis

• Wots Analysis

What term refers to an idea answering a one-time unique need or customer demands?

• Clarity

• Integration

• Stability

• Usability

Which of the following options refers to the introduction of new ideas to make a product more attractive and saleable to the target customers?

• Creative

• Innovation

• New idea

• Product development

Which of the following is NOT included in the basic needs?

• Clothing

• Food

• Recreation

• Shelter

Which of the following should be considered first by a prospective entrepreneur in choosing the right location for his/her store?

• The access of the target customers

• The attractiveness of the store layout

• The prevailing prices of goods in the area

• Type of merchandise

Dante plans to put a digi-print studio in their locality. Which of the following will help him determine his plan for a success setting up of his business?

• Conduct a SWOT analysis

• Checking for similar business to avoid competition

• Getting feedback on the quality of service

• Survey of consumer associations

Why is it important to balance your work and family life?

• Evaluate business-lifestyle fit

• Focus on your skills, experience and passion

• Test your idea

• The access of the target customers

Which of the following ideas will identify business opportunities, and eventually could see all the possibilities?

• Checking the Right Idea

• Conducting the Right Idea

• Getting the Right Idea

• Selecting the Right Idea

What term refers to SWOT analysis should distinguish between where your business today, and where it could be?

• Future

• Past

• Present

• None of the above

What do you call to a place where there are buyers and sellers, it involves money, products, goods and services?

• Desires

• Needs

• Market

• Wants