A vision statement is best described as:

Outlines the aspirations and values of the business

What does a gap in the market refer to?

A bussines enters an area in the market not being serviced

Data for average age, income or education

What is entrepreneurship?

Designing, launching, and running a new business

What best describes innovation?

Changing or creating more effective products and ideas.

A social enterprise is best described as:

A business that trade for community or environmental benefit

What is a business goal

What a bussiness wants to achieve over a specific time

What does SWOT analysis stand for

Strength, Weakness, Opportunities, Threat

What is an example of a business objective?

I will conduct a survey, market research and promotions

Define feasibility study

Research shows whether the market can sustain the business

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Business Management Chapter 1 and 2

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Questions 16

Answers

1
A vision statement is best described as:
The vision of stuff
A statement that defines a business's core values
Outlines the aspirations and values of the business
The business's ethical behaviour
2
What is the next step after the business idea is generated ?
Feasibiilty study
Market analysis
Business concept
Business slogan
3
What is an example of Market research?
Trade associations
Focus groups
Libraries
All of the above
4
What does a gap in the market refer to?
Satisfying needs and wants
Market research
TGIF
A bussines enters an area in the market not being serviced
5
Define demographic
Changing customer needs
Location
Brainstorming
Data for average age, income or education
6
Sources of business opportunity may include:
Vision
Resilience
Negotiation skills
Trade shows
7
What is entrepreneurship?
Market competitiveness
Designing, launching, and running a new business
A gap in the market
A short course at TAFE
8
What best describes innovation?
Market research
Process of launching and running a new business
Changing or creating more effective products and ideas.
Donald Trump
9
A social enterprise is best described as:
A business that trade for community or environmental benefit
A self-appraisal
All of the above
where to look for ideas or inspiration
10
What is a business goal
What a bussiness wants to achieve over a specific time
A values statement
A mission statement
Measurable targets of how to achieve business goals
11
What does SWOT analysis stand for
Strength, Weakness, Opportunities, Threat
All of the above
Supply, Weakness, Objective, Target
Swag, Wednesday, Orange, Teeth
12
A potential business owner must assess and evaluate:
All of the above
Personal and business goals and their compatibility
Personal skills and qualities
Personal motivation and goals
13
What is an example of intellectual property for ACDC's song, Highway To Hell?
All of the above
Design
Copyright
Trade secrets
14
What is an example of a business objective?
Our goal is 100% customer serivce
I will pass this quiz
I want to own a cafe in 2 years
I will conduct a survey, market research and promotions
15
Define feasibility study
Trade assoications
A business plan
The property rights
Research shows whether the market can sustain the business
16
What's the personal motivation behind starting a business?
Overcome unemployment
Financial independence
All of the above
A desire for independence

Business Management Chapter 1 and 2 Flashcards | StudBud