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Milady Chapter 10 Foundations Flashcards | StudBud
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Milady Chapter 10 Foundations
Milady Chapter 10 Foundations
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1
If you are an owner of a salon, spa, or barbershop, which of the following is TRUE?
You are guaranteed to have large profits.
There is no guarantee of any profits.
You are guaranteed to have small profits.
You are guaranteed to have losses.
2
Which part of your business plan should include a description of how the business will run administratively?
vision statement
mission statement
organizational plan
marketing plan
3
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?
4
What is a description of the key strategic influences of business also known as?
Financial documents
Vision statement
Marketing plan
Mission statement
5
When there are personnel problems, there are problems with the:
Marketing
Landlord
Employees
Marketing
6
What does it mean to engage in viral marketing?
buying expensive television advertising spots
engaging in more social media campaigns
creating glitzy ad pieces and mailing them out to the neighborhood
renting more booths or stations to up-and-coming beauty pros
7
What is an outline of employee and management levels and responsibilities also known as?
a mission statement
an organizational plan
an executive summary
a marketing plan
8
The modern version of word of mouth is ______.
viral marketing
television advertising
radio spots
billboard marketing
9
What is the first objective toward achieving a goal of becoming a business owner?
determining the feasibility of the business
choosing a business location
determining the long-range goals of the business
choosing a business name
10
Marketing is the means for ______.
keeping your clientele satisfied
recruiting and hiring your staff
designing your salon, spa, or barbershop space
selling and promoting your business
11
An executive summary, financial documents, and supporting documents are all part of what?
Business plan
Organizational plan
Mission statement
Vision statement
12
Which of the following will allow someone to create a brand identity?
maintaining a regular and loyal clientele
outlining his employee and management levels and responsibilities
summarizing his projected financial statement and analyses
determining his business's point of difference
13
Why will you need to purchase insurance when you open your own business?
It protects you against malpractice suits.
It protects your staff against compensation loss for sick days.
It protects your clientele against falls and accidents.
It protects the general public against auto mishaps in front of your store.
14
The key duty of receptionists is ______.
booking appointments
assisting stylists with their work
greeting clientele at the door
answering the phone
15
Which is an essential set of benchmarks that, once achieved, helps you to realize your mission and your vision?
goals
policies
objectives
statements
16
Which is NOT one of the top three ways that clients find a service provider, according to the PBA?
dissatisfaction with another service provider
advertisements
recommendations or referrals
a convenient location
17
Which business model will allow you to make your own rules and meet all of the duties and responsibilities on your own?
sole proprietorship
partnership
franchise
corporation
18
The only way to guarantee that you will stay in business is to ______.
research emerging trends
take care of your clients
advertise
pay yourself well
19
What is the BEST way to market a new business with a low budget?
viral marketing
direct mail
television spots
newspaper ads
20
A realistic benchmark for the net profit of a salon, spa, or barbershop is ______.
50%
15%
5%
75%
21
Why is it important to have a keen business knowledge of the beauty industry?
Because eventually you must become a business owner.
because his renting a booth is the same as owning his own business
because entrepreneurship is an essential part of beauty & wellness careers
because it will help you manage finances and business practices
22
How long is it MOST likely to take to determine and complete all of the aspects of starting your business?
6 months
1 month
10 years
1 year
23
Which part of a business plan should outline all the research obtained regarding the clients your business will target?
vision statement
organizational plan
marketing plan
mission statement
24
Which is the MOST important reason to create incentives in the form of money or prizes for your employees?
Incentives are appreciated by employees and clientele alike.
Incentives can inspire employees to achieve more.
Incentives are a tax write-off.
Incentives can be in lieu of regular pay.
25
Which of the following types of business ownership is MOST likely to raise capital by offering stock to stockholders?
a corporation
a single franchise
a sole proprietorship
a partnership
26
What does adding services and retail sales to your service tickets mean for your business?
additional advertising
additional revenue
additional clientele
additional risk
