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WorksheetsEntrepreneurship Game 1
Total questions: 54
Worksheet time: 28mins
Refers to what you are selling, including all of the features, advantages and benefits that your customers can get.
Price
Packaging
Promotion
Product
It shows and defines the hierarchy of the different positions in the organization.
Roles and Responsibilities
Form of Business Organization
Organizational Structure
Salary Requirements
It details how the proposed business will sell its product to the target consumer.
Marketing Plan
Financial Plan
Organizational Plan
Introduction
A set of recognized marketing tactics, which you can use in any combination to satisfy customers in your target market.
Marketing Strategy
Executive Summary
7P's of Marketing Mix
Marketing Plan
This refers to where your products and services are seen, made, sold or distributed
Promotion
Place
Positioning
People
Refers to how people think and talk about you when you're not present.
Positioning
Promotion
People
Place
Which of the following factors does not affect the selection of the business form?
Nature of the Business
Liability of the Owner
Capital Requirement
Marketing Strategy
It refers to methods you can use to let potential customer know about your products and services.
Promotion
Packaging
Positioning
Price
It must be clearly defined in order to avoid misunderstanding and overlapping of functions.
Liability of the owner
Organizational Structure
Roles and Responsibilities
Form of the Business Organization
Refers to the way your product or service appears from the outside.
Place
Packaging
Price
Promotion
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Complete the sentence: A business plan...
is useful once your business is operational but not much help during the startup phase
is not usually needed once the business is up and running
can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
Which of the following is NOT a heading on a business plan?
The staff
The idea
Market research
Advertising campaign examples
Competitors
Which of the following would be interested in seeing the business plan of a new company?
Customers
Potential investors
The owners of the company
Banks/ potential lenders
Local council
A business plan would normally be updated:
Every day
A month after the business starts
Once a business adjusts its aims/objectives
Every so often
Never - It stays the same in its original form
8. What does It means when total revenue is lesser than fixed cost and variable cost?
a. the business is earning profit
b. the business is losing profit
c. the business is at break-even
d. the business is has more expenses
7 Refers to the estimated money a company will generate during a specific period.
a. expense
b. fixed cost
c. variable cost
d. revenue
6. Costs that change as the quantity of the good or service that a business produces changes.
a. expense
b. fixed cost
c. variable cost
d. revenue
5. Business costs, such as rent, that are constant whatever the quantity of goods or services produced.
a. expense
b. fixed cost
c. variable cost
d. revenue
The 4 P's of the marketing mix are
Product, Place, Price, Possession
Product, Place, Price, Promotion
Product, Place, Price, Prescription
Product, Price, Promotion, Process
What is NOT an element of the marketing plan?
Cost
Market position
Competitor analysis
They are all elements of a marketing plan
What does PEST stand for?
Political, Economic, Stability, Technological
Political, Economic, Strengths, Technological
Political, Economic, Social, Technological
Political, Economic, Social, Threats
What is the purpose of performing a SWOT Analysis?
Identifies internal and external factors that may affect the business future performance.
Evaluates whether the business venture is a good idea.
Access a organization's performance
Gives the management team a broader view on the potential opportunity
What does the acronym SWOT stands for?
Strengths, Weaknesses, Obligations, Threats
Strengths, Weak points, Opportunities, Threats
Strengths, Weaknesses, Opportunities, Threats
Strengths, Weaknesses, Opportunities, Time
Members of a target market have similar _______.
wants
wants, needs, & interests
needs
interests
Tells you who your customer is by providing statistical information about their age, gender, education level, income level, etc.
demographics
geographic
psycholgraphic
target marketing
Tells you why your customer buys by providing information about their habits, hobbies, attitudes, beliefs, values, etc.
demographics
geographic
psycholgraphic
target marketing
Another name for the 4 P's of Marketing
Target Market
Marketing Concept
Marketing Mix
Marketing
Apple holds 78% of the market __________
Share
Percentage
Growth
Competition
SMART goals are
Specific
Measurable
Realistic
All of the above
What is the meaning of VALUE PROPOSITION in BMC?
value that meet the customer satisfaction
servis after sales
the way we interact with the customer
generate revenue from each customer
What does BMC do?
BMC is a tool for beginners
BMC is used to build a business map
BMC helps us to build a strategic management and lean startup template for developing new or documenting existing business models
BMC is needed before start a business
What are the "channels" in a business model canvas?
Who your customers are
Where you sell your products/services
How you want to sell your product
What is the best offer given
What does "Unique Value Proposition" mean?
Product description
The benefit or the added value for a product
Proposal given to the customer
Product market place
The money gained from the sales after expenses are paid is:
profit
cost
expenses
revenue
This product is compact and an all in one that is easy to use; this is an example of what section of the BMC?
unique value proposition
customer segment
customer problems
customer relationship
The network of suppliers and partners who complement each other in helping the company create its value proposition are called:
customer segments
key partners
key resources
channel
These are all types of revenue streams, EXCEPT:
asset sales
renting
value
usage fee
What best describes a Business Model Canvas?
One page plan outlining your new business idea
A piece of art work
A model of your business office
The list of questions that you created to ask future customers for replies and analyzed for usable information is known as:
Questionnaire
Survey
Customer Feedback Survey
A model, simulation, or sample of an idea is a:
Creation
Example
Prototype
The online marketplace website goes in what section of the Business Model Canvas?
Customer Relationships
Channels
Revenue
Customer Segments
We plan to sell 100% of our products, which is 20 products. This is an example of what section of the BMC?
Costs
Key Metrics
Revenue Streams
