TLE 8- Q3ENVIRONMENT -MARKET-SWOT

What is the first step in identifying a business opportunity?

• a) Buying raw materials

• b) Conducting a market survey

• c) Selling products immediately

• d) Ignoring customer needs

Which factor should be considered when selecting a business location?

• a) Market demand

• b) Presence of competitors

• c) Accessibility for customers

• d) All of the above

What is a feasibility study?

• a) A test of market conditions

• b) A type of business permit

• c) A method of manufacturing products

• d) A marketing strategy

Which of the following refers to the group of people who are likely to buy a product or service?

• a) Suppliers

• b) Target market

• c) Investors

• d) Employees

Why is competition important in the market?

• a) It discourages new businesses

• b) It forces businesses to improve quality and pricing

• c) It prevents customer choices

• d) It reduces profit potential

What document is needed to legally operate a business?

• a) Business permit

• b) Personal diary

• c) School ID

• d) Driver’s license

Which of the following is NOT a factor affecting the market?

• a) Consumer demand

• b) Weather condition

• c) Personal preference of the owner

• d) Economic trends

What is the term for the process of gathering and analyzing information about customers and competitors?

• a) Business management

• b) Market research

• c) Production planning

• d) Customer service

Which of these is a natural resource-based business?

• a) Furniture making

• b) Online selling

• c) Retail store

• d) Laundry service

What is the main purpose of environmental scanning in business?

• a) To copy other businesses

• b) To understand opportunities and threats

• c) To ignore competitors

• d) To limit business growth