Business Plan Quiz

What is the primary purpose of a business plan?

• To advertise products

• To outline the goals, strategies, and operational framework of a business

• To attract social media followers

• To conduct employee performance reviews

Which of the following is a key component of a business plan?

• Daily task list

• Vacation schedule

• Market Analysis

• Employee birthday calendar

What does the Operational Plan section of a business plan describe?

• Financial projections

• Daily operations, supply chain, and logistics

• Marketing campaigns

• Leadership team structure

What is the first step in planning customer research?

• Conduct interviews

• Analyze data

• Define research goals

• Launch new products

During a delay in customer research, what strategy can businesses use to stay engaged with customers?

• Ignore feedback

• Reduce social media presence

• Maintain social media engagement

• Stop email campaigns

What is the formula for calculating Average Order Value (AOV)?

• Total orders ÷ Revenue

• Total revenue ÷ Number of orders

• Number of customers ÷ Total revenue

• Total revenue × Number of orders

What does Customer Lifetime Value (CLV) represent?

• The cost of acquiring new customers

• Total revenue expected from an average customer over the life of the relationship

• Monthly profit margin

• Number of product returns

In SimVenture, what does a higher AOV suggest?

• Customers are returning products

• Customers are buying fewer products

• Customers are purchasing more products per order or higher-value products

• The business is losing profit

What is a key strategy for increasing customer retention in SimVenture?

• Ignore customer feedback

• Prioritize customer service

• Increase product prices randomly

• Reduce marketing efforts

Which metric indicates customer satisfaction in SimVenture?

• Revenue growth

• Employee turnover

• Customer retention rate

• Market share