EverFi L3 & L4

Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step? 

• Immediately finding a storefront property for her business, putting down a deposit, and signing a lease. 

• Contacting a mentor who has experience in the restaurant industry. 

• Creating an initial elevator pitch with her limited information and starting to ask around for advice. 

Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?

• Discuss the situation with her cousin who has shopped at the local bakery a few times. 

• Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want. 

• Discuss the situation with a family friend who has money and might want to invest in her idea. 

George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process? 

• Draw conclusions and make decisions for their business based on the research results

• Identify research objectives and write down the questions they want answered. 

• Start promoting their shoe store to people in the neighborhood.

George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information? 

• Go online to find trade associations, listings of local and national competitors, and any information on financials. 

• Explore websites of other shoe retail businesses and take notes. 

• All of the above. 

Which of the following is a fixed expense for Maria's sandwich food truck? 

• Salaries for her employees

• Truck insurance 

• All of the above 

Your friend is developing a marketing plan for her new business. What should she put in this plan? 

• The price of her product

• All of the above 

• Where she wants to sell her product

What is the main purpose of developing a business pitch? 

• To briefly share the most important information about your business to people in an engaging way. 

• To provide customers with an in-depth description of how your business was formed. 

• To tell investors all the important details and goals of your business so they don't need to read the business plan.

Which of the following is probably NOT an important point to include in a business pitch?

• How the product or service is different. 

• A detailed description of the meaning behind the company's name. 

• Clear reasons why the potential customers and investors should care about the business. 

Why is it important to conduct market research on your target audience before building your marketing plan? 

• You need to consider who your potential customers are before deciding on marketing strategies. 

• Customers enjoy sharing their opinions, so market research will make your product sell more. 

• It doesn’t matter which one you do first. 

Which statement is the best description of a Value Proposition?

• The cost of creating the product.

• The features and benefits that make the product or business unique. 

• None of the above