environment and market/ product devQuiz

Which of the following should entrepreneurs examine to ensure success in business?

• Hobbies and pastimes

• Environment and market

• Family and friends

• Entertainment industry

What tool is used to analyze strengths, weaknesses, opportunities, and threats?

• PEST Analysis

• SWOT Analysis

• ROI Analysis

• BCG Matrix

Which of the following is an opportunity in SWOT?

• Weak customer service

• New market trends

• High production cost

• Poor brand reputation

Which stage involves creating a new product or improving an existing one?

• Marketing

• Distribution

• Product Development

• Financing

Product development primarily aims to:

• Compete with employees

• Satisfy customer needs and wants

• Minimize company taxes

• Increase labor force

Which of these is a need?

• Luxury car

• Fashion accessories

• Food and shelter

• Traveling abroad

Which is a want?

• Education

• Sanitation

• Designer bag

• Health care

What makes a product stand out from competitors?

• Mass production

• Unique Selling Proposition (USP)

• High prices

• Weak marketing strategy

Which factor influences market demand?

• Cultural norms and values

• Weather only

• Business owner's hobbies

• Random trends

Identifying customer lifestyle is important to:

• Product pricing

• Understanding market demand

• Reducing employees

• Limiting product variety