Product development starts with

The components of a product or service offer include

A brand must offer which one of the following to have value?

What is a target audience?

The following is a must in developing a product:

During the production of school uniforms, the tailor relies heavily on skilled workers to ensure proper stitching and finishing. What factor in production is being described?

A baker follows a specific step-by-step process to ensure that all bread tastes the same every day. In the 4Ms of production, what is this process called?

A shoe factory uses leather, sewing machines, and trained workers to produce shoes. The owner also plans to promote the product through social media. Which one does not belong to the 4Ms of production?

A restaurant owner is hiring a new chef. The manager looks into the applicant’s resume, educational background, and experience in cooking. Which of the following is not a qualification of an employee?

A small business owner emphasizes the role of workers in ensuring quality products and excellent service. In the 4Ms, what is the equivalent term for “people”?

The manager of a local café monitors daily sales, staff schedules, and customer service to make sure the business runs smoothly. What term best describes this process?

A company plans to expand and needs additional employees. The HR officer begins posting job ads and conducting interviews. What process is being carried out?

In preparing a job description for a new cashier position, the manager lists specific duties such as handling cash, issuing receipts, and balancing the drawer at the end of the day. Which part of the job description is described?

Maria is planning to open a small printing shop. She knows she might lose money or customers if sales are low, yet she still decides to pursue the business. What factor does Maria show as an entrepreneur willing to accept risks?

A logistics company ensures that materials are delivered to factories and finished products are sent to stores on time. Which of the following activities are involved in logistics?

A milk tea shop wants to deliver quality drinks quickly to satisfy customers and ensure repeat orders. What is the main purpose of its supply chain in pleasing customer needs?

A factory manager tracks how raw materials move from suppliers to the warehouse, and then to the customers after production. What business concept best describes this management process?

The supervisor reminds her team to always follow the safety rules and proper cleaning steps posted on the wall during food preparation. These rules are part of the company’s SOP. What does SOP stand for?

Anna is preparing a document that presents her business goals, strategies, and expected financial outcomes for the next three to five years. What is she creating?

When a group of entrepreneurs’ pitches to investors, they begin with a brief overview of their company, explaining what the business is and how it will make money. What part of their presentation are they describing?

Luis plans to open a food delivery service. He designs a structure that shows how the business will generate income, who the customers are, and how to reach them profitably. What is this plan called?

A skincare company highlights in its marketing materials how its natural ingredients make its products safer and more effective than others in the market. What part of the business model does this describe?

An entrepreneur identifies her ideal customers—college students and office workers—and analyzes the problems they face, such as limited time and convenience. What element of the business model does this represent?

Marco’s team creates a plan that explains how the company will make a profit, specifying its products, target customers, and expenses. What kind of plan is this?

A new online store identifies different social media platforms, online ads, and influencers to promote and sell its products. Which element of the business model is being used?

The owner of a software company explains that her product helps small businesses manage finances faster and cheaper. What aspect of her business plan does this describe?

A grocery owner notices that customers buy more rice when prices drop, showing their willingness to purchase at lower costs. What economic principle does this demonstrate?

A beverage company focuses on building a trusted brand name and expanding its distribution network to reach more stores and customers. What key element of the business model does this refer to?

Mark is preparing a document that explains how his company will create value for customers, what problem it will solve, and how it will grow in the market. What is he developing?

A clothing brand decides to sell its products to teenagers and young professionals who prefer trendy but affordable outfits. What group of people is the business targeting?

When Carla launched her new online food delivery business, she analyzed which cities she would serve, who her target customers were, and how she would deliver the meals. What business concept is she applying?

To attract more customers, a bakery decides to lower the price of its cakes during weekends and raise them slightly on holidays. This decision is part of what business process?

After identifying a profitable opportunity to offer eco-friendly cleaning products, the owners prepare detailed steps for production, promotion, and funding to turn their idea into reality. What plan are they creating?

Before constructing a new restaurant, the owner estimates the total materials, labor, and overhead costs that will be needed for the project. What kind of cost is being determined?

A small business owner writes a document outlining what her company aims to achieve in the next five years, based on realistic financial assumptions and goals. What document is she creating?

A company studies its sales for the past five years to predict how its products might sell in the upcoming year. What process are they performing?

The manager of a hardware store handles the company’s budget, oversees cash flow, and decides whether to borrow money for expansion. What business function is being applied?

After deducting all business expenses from total sales, a coffee shop owner calculates the remaining amount as her gain for the month. What is this amount called?

A cellphone store records all income from selling gadgets and accessories within a quarter. What is this total sales value called?

The manager of a rice distributor estimates how many sacks of rice will be ordered next month to ensure enough stock for customers. What process is he conducting?

An economist studies past market trends, inflation rates, and current sales to predict the country’s economic condition for the next quarter. What is this process called?

A restaurant owner purchases a new coffee machine that saves time, reduces waste, and increases customer satisfaction. Although it is expensive, the machine’s benefits and performance are worth the price paid. What best describes this situation?

A small bakery named Sweet Treats has been operating for six months. The owner, Maria, wants to know if her business earned more than it spent during this period. She decides to prepare a Statement of Income to check the results of her business activities. Why is Maria preparing a Statement of Income?

Juan runs a small coffee shop in his town. In one month, his total sales reached P50,000, and his total expenses for rent, ingredients, and salaries amounted to P30,000. He wants to find out how much profit his business made for that month. How should Juan compute his profit?

Maria manages a small online clothing business. Every month, she lists all her expenses, such as materials, delivery fees, and electricity, and then compares them to her total sales income. She wants to understand if her business is doing well or not. Why does Maria compare the money going out to the money coming in?

Why is an overall report needed in a business?

A café owner lists her monthly expenses—ingredients, electricity, rent, and staff wages—to calculate total cost. Why does she do this?

A small bakery owner reviews production costs and finds flour prices rising. She decides to adjust her pricing strategy while maintaining customer satisfaction. What higher-level business skill is she applying?