Which stage of the business life cycle is characterised by rapid sales growth and increasing market share?

• Establishment

• Growth

• Maturity

• Decline

Which is a challenge faced during the growth stage?

• Retaining staff and maintaining culture while scaling operations

• Developing a business idea

• Closing down unprofitable divisions

• Liquidating assets

Which part of the internal operating environment refers to the shared values, attitudes and behaviours in a business?

• Business culture

• Target market

• Market segmentation

• Competitive environment

Which is part of the internal operating environment?

• Competitors

• Suppliers

• Managers

• Political environment

Which environment includes customers, competitors and suppliers?

• Internal environment

• Operating environment

• Macro environment

• Global environment

Which environment cannot be changed by a small business?

• Internal

• Operating

• Macro

• Organisational

Which factor belongs to the macro environment?

• Managers

• Technological changes

• Competitors

• Suppliers

Which is the difference between a target market and market segmentation?

• Target market is the entire population; segmentation is a specific group

• Segmentation divides the market into groups; target market is the group selected to focus marketing on

• Target market changes constantly; segmentation stays the same

• Segmentation applies only to products; target market applies only to services

Which term refers to all the tangible and intangible benefits a customer receives from a product?

• Unique selling proposition

• Total product concept

• Brand positioning

• Product lifecycle

Which is an example of a tangible aspect of the total product concept?

• Brand reputation

• Warranty

• Physical design of the product

• After-sales service