Developing Your Business Idea Quiz

What is the main purpose of an enterprise?

• To provide jobs

• To make profit by selling goods or services

• To support government policies

• To raise social awareness

What is a target market?

• Competitors in the same industry

• Consumers a product is aimed at

• Geographical area of business

• All potential customers worldwide

Why identify competition in business?

• To copy their strategies

• To understand market trends and differentiate your product

• To form alliances

• To avoid entering the market

What is essential for brand development?

• Opening a store

• Designing a logo and tagline

• Hiring staff

• Boosting production

How can a business make its brand stand out?

• Lowering prices

• Offering unique features or superior quality

• Expanding globally

• Increasing advertising spend

How can you protect a business idea?

• Share it widely

• File for a patent or trademark

• Post it on social media

• Ignore competitors

Which is NOT a function of an enterprise?

• Innovate and bring new products to market

• Provide a return on investment to shareholders

• Ensure government control over the market

• Contribute to economic growth

Why define an enterprise's purpose?

• To attract competitors

• To guide decisions and strategy

• To increase employees

• To reduce costs

What is a characteristic of a target market?

• Includes everyone in a country

• A niche group with specific needs

• Always the largest market segment

• Determined by the government

How can a business identify its competition?

• By conducting market research

• By ignoring other businesses

• By focusing on product development

• By reducing prices