Starting a Business in NSW Quiz

What is the main purpose of conducting a SWOT analysis when starting a business?

• To determine the business’s legal structure

• To identify strengths, weaknesses, opportunities, and threats

• To calculate start-up costs

• To design a logo

Which of the following best describes the concept of Ikigai?

• A marketing strategy

• The intersection of what you love, what you are good at, what the world needs, and what you can be paid for

• A type of competitor analysis

• A budgeting method

Which of the following is NOT one of the Four P’s of Marketing?

• Product

• Price

• People

• Promotion

When conducting market research, which of the following is most important?

• Understanding your target market’s needs and preferences

• Choosing a business name

• Designing your logo

• Registering your business

What does the ‘target market’ refer to?

• The business’s competitors

• The group of customers most likely to buy your product or service

• The location of your business

• The price you charge for your product

Which of the following is an example of a start-up cost?

• Ongoing rent payments

• Initial purchase of equipment

• Monthly utility bills

• Employee wages

What is the main goal of branding for a new business?

• To reduce costs

• To create a unique identity and build customer recognition

• To increase production speed

• To analyse competitors

Which of the following is a method for analysing competitors?

• Reviewing their marketing materials and pricing

• Ignoring their existence

• Copying their logo exactly

• Avoiding market research

In a SWOT analysis, which of the following would be considered an ‘opportunity’?

• A new trend in the market that your business can take advantage of

• A lack of funding

• High staff turnover

• Outdated technology

Which of the following is a risk assessment tool?

• SWOT analysis

• Four P’s of Marketing

• Branding

• Ikigai