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