FP W1 & W2 (PRACTICE QUIZ)

The process of identifying a need or opportunity in the market and creating a business or product to address it.

A person who starts a new project or business by offering products or services in the market.

Regarded as KINGS of the market. Its satisfaction determines the success of every business.

• CUSTOMER/CONSUMER

• SUPPLIER

• COMPETITORS

They are reliable persons who supply raw materials and required components to the company

• CUSTOMER/CONSUMER

• SUPPLIER

• COMPETITORS

They are the companies/individuals that are in the same/similar industry and offer similar products or services.

• CUSTOMER/CONSUMER

• SUPPLIER

• COMPETITOR

Business idea is a concept or plan for a product or service that you believe can be turned into a profitable business.

• True
• False

Something that is necessary for survival.

• NEEDS

• WANTS

• DEMAND

Anything that a person desires to have whether necessary or not.

• NEEDS

• WANTS

• DEMAND

Refers to the level of desire or need for a particular goods or service.

• NEEDS

• WANTS

• DEMAND

A framework used to evaluate a company's competitive position and to develop strategic planning.

• BUSINESS IDEA

• SWOT ANALYSIS

• ENTREPRENEURSHIP