Business Planning Quiz

Why is it important for Cheska to draft a business plan before launching her stationery shop?

• To guarantee her business will face no challenges.

• To systematically plan her expenses, marketing strategies, and identify her customer base.

• To unnecessarily complicate the startup process.

• To allow her to make impulsive financial choices.

Leah is planning to start a small bakery. What parts are essential for her business plan?

• Only the recipes, to ensure she remembers them.

• The quantity of cookies she plans to consume daily.

• The target market, their preferences, and how her bakery will meet their demands.

• A directory of all the bakeries in her area without strategizing her own business.

Gio is starting a lemonade stand. What question will help him the most?

• "How can I make the best lemonade while earning a fair profit?"

• "How much should I spend on decorations?"

• "How can I charge the highest price possible, even if no one buys?"

• "How can I make sure my lemonade is the most expensive?"

Paolo wants to promote his eco-friendly bags, which are more expensive to produce. What strategy can he use to ensure fair pricing and profitability?

• Reduce the quality to cut costs.

• Determine a fair price by analyzing production expenses and market rates.

• Offer them at a loss to increase customer interest.

• Price them high so only a select few can purchase.

Carlos is considering adjusting the price of his handmade friendship bracelets. Each bracelet costs him ₱50 to produce, and he initially applied a 40% mark-up. His friend suggests setting the price at ₱90 to increase profits. What factors should Carlos evaluate before making this change?

• Whether the new price will still be attractive to customers.

• If the increased price might drive customers to competitors.

• If a higher price will automatically lead to increased sales.

• If his friends will perceive his bracelets as high-end products.

Mia is setting the price for her homemade cookies. Which of the following factors is least important in determining her pricing strategy?

• The cost of ingredients and baking materials.

• The usual prices customers are willing to pay.

• The pricing of similar products in the market.

• Setting a price without considering any factors.

Marco is looking to buy a new school bag and has two choices—one priced at ₱600 and another at ₱900. What factors should he consider before making a purchase?

• Opt for the cheaper one to save money.

• Go for the more expensive one assuming it's of better quality.

• Evaluate the quality, durability, and read customer reviews before deciding.

• Choose randomly, as the price is not important.

Ella sells jackets for ₱200, but customers frequently complain about the price. What should she consider before making a decision?

• Lowering the price, even if she loses money.

• Evaluating whether she can adjust mark-up or reduce production costs.

• Stopping her jacket business completely.

• Continuing at ₱200 and ignoring customer feedback.

Sofia is planning to launch her own café with a special coffee blend. She is concerned about attracting customers and setting the right prices. Which section of her business plan should she prioritize to tackle these issues?

• Executive Summary, as it outlines the overall vision of her café.

• Market Analysis, to understand customer preferences and competitor pricing strategies.

• Business Description, to focus on detailing her unique coffee blend.

• Marketing and Promotional Strategy, to plan discounts before identifying her target audience.

What is a potential risk of not creating a business plan for a new T-shirt printing venture?

• They will instantly achieve success due to their innovative idea.

• They might encounter unforeseen challenges, like financial mismanagement or misidentifying their target market.

• They will gain immediate profits by avoiding planning time.

• They will have extra time to concentrate on shirt designs instead of strategizing.