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Milady Chapter 10 The Beauty Business (Black) Flashcards | StudBud
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Milady Chapter 10 The Beauty Business (Black)
Milady Chapter 10 The Beauty Business (Black)
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1
Kendra is opening her own salon. She knows that she wants to be in charge of making her own rules. Which model is best?
partnership
sole proprietorship
corporation
franchise
2
Which part of your business plan should include a description of how the business will run administratively?
marketing plan
mission statement
vision statement
organizational plan
3
I am starting my own business. I have my executive summary, financial docs, & supp docs what am I preparing?
vision statement
mission statement
business plan
organization plan
4
Which of the following is an essential set of benchmarks that, once achieved, helps you realize your mission and vision?
objectives
statements
goals
policies
5
Which of the following BEST encapsulates promotional efforts that are paid for & directly intended to increase business?
social media usage
word-of-mouth
Advertising
Viral marketing
6
Your primary concern when planning & constructing the best physical layout for the type of business you envision?
your competitor's layout
maximum profitability
stylistic aesthetics
maximum efficiency
7
Which of the following is the MOST important reason to create incentives in the form of money or prizes for employees?
incentives can be in lieu of regular pay
incentives are a tax write-off
incentives can inspire employees to achieve more
incentives are appreciated by employees & clientele alike
8
Juanita wants to know what advantages there are with booth rental. What would Pedro tell her?
You won't need to adhere to state laws or regulations
You won't need to establish an entire business
You won't need to worry about creating any professional marketing materials
You won't need to keep records for tax purposes
9
Which type of business ownership is MOST likely to raise capital by offering shares of stock to stockholders?
a sole proprietorship
a partnership
a single franchise
a corporation
10
David calls Raul 2 ask his advice on how 2 grow his business why does he tell him to come up with a vision statement
Would outline all of the research obtained regarding client needs
Would give a long-term picture of what the business is to become
Would project financial statements and provide financial analysis
Would provide an outline of employee and management levels
11
You will want to base your business location on
how many cars drive by per hour
proximity of your home
cost of rent, lease and utilities
your primary clientele and their needs
12
Why will you need to purchase insurance when you open your own business?
It protects your staff against compensation loss for sick days
It protects your clientele against falls and accidents
It protects the public against auto mishaps in front of your store
It protects you against malpractice suits
13
Jamal is a new salon owner. He is trying to create his brand identity. What should he focus on MOST
summarizing his projected financial statements & analyses
determining his business's point of difference
outlining his employee and management levels and responsibilities
maintaining a regular and loyal clientele
14
Samantha's had her business 3 years ago. She's having constant, nagging issues w/ her personnel. Who's her problem?
her clientele
her landlord
her marketing
her employees
15
Which part of the business plan outlines all of the research obtained regarding the clients your business will target?
vision statement
marketing plan
organizational plan
mission statement
16
Sam takes pride in running his business and takes care of those who work hard for him what he least likely do
Continuously change and alter tipping policy
Create incentives for staff to earn more money
Offer employees as many benefits he can
Make payroll obligations top priority
17
Which of the following is built into most booth rental agreements?
healthcare benefits
free advertising
self-sufficiency
paid vacation
18
The modern version of word of mouth is:
television advertising
billboard marketing
viral marketing
radio spots
19
Marketing is the means for
designing your salon, spa, or barbershop space
keeping your clientele satisfied
recruiting and hiring your staff
selling and promoting your business
20
Which of the following is the best vehicle for others to promote you and your business via viral marketing
television
social media
email
face-to-face word of mouth
21
A realistic benchmark for the net profit of a salon, spa or barbershop is
5%
15%
75%
50%
22
The key duty of receptionists is:
greeting clientele at the door
answering the phone
booking appoinments
assisting stylists with their work
23
Gwen's business growth has been at a standstill 4 months. If she does more viral marketing what does it MOST likely mean
creating glitzy ad pieces and mailing them out to the neighborhood
renting more booths or stations to up-and-coming beauty pros
engaging in more social media campaigns
buying expensive television advertising spots
24
Maura a beauty professional is thinking of starting her own business. What should be her FIRST objective toward her goal
determining the long-range goals of the business
choosing a business name
determining the feasibility of the business
choosing a business location
25
Henry asked his assistant to prepare an outline of how the business should be/run. What is he making?
a mission statement
a marketing plan
an organizational plan
an executive summary
26
What should be done if a client calls to book an appointment with a particular stylist and she is off that day?
suggest other times that stylist is available
call a professional and demand they come in on their day off
politely apologize and tell them you can not accommodate them
refer the client to another business in the area
27
Your personnel is your
clientele
customer base
competition
staff
28
How long is it MOST likely to take to determine and complete all of the aspects of starting your business?
1 month
10 years
6 months
1 year
29
If you are an owner of a salon, spa, or barbershop, which of the following is TRUE?
You are guaranteed to have small profits.
You are guaranteed to have losses.
There is no guarantee of any profits.
You are guaranteed to have large profits.
30
Which is NOT one of the top 3 ways that clients find a service provider, according to the Professional Beauty Assoc.
recommendations or referrals
a convenient location
advertisements
dissatisfaction with another service provider
31
Laura is a new salon owner. GIven her financial constraints which is the BEST way to market her new business?
viral marketing
television spots
newspaper ads
direct mail
32
Javier owns & runs one of the hottest salons. He has hundreds of high-end clients & full books. What's his biggest $$?
salaries
insurances
supplies
advertising
33
Which of the following is the MOST important question to ask yourself when creating your brand identity?
What is my business's point of difference?
What will my profits be in year one?
Which employees should I hire?
Who are my potential customers?
34
Ursula is working on a description of the key strategic influences of her business. What, exactly is she working on?
her vision statement
her marketing plan
her financial documents
her mission statement
35
Xavier’s instructor has told he should have a keen business knowledge. Why did Xavier’s instructor give him this advice?
entrepreneurship is an essential part of his beauty and wellness career
because his renting a booth is the same as owning his own business
because eventually, like all beauty pros, he must become a business owner
because it will serve him well in managing his professional finances
36
What does adding services and retail sales to your service tickets mean for our business?
additional risk
additional advertising
additional revenue
additional clientele
37
Which of the following will be LEAST important in becoming a successful entrepreneur?
maintaining loyalty of clients over a long period of time
paying employees a salary instead of a commission
attracting clients to your business
attracting employees to your business
38
The only way to guarantee that you will stay in business is to
pay yourself well
advertise
research emerging trends
take are of your clients