Business Cycle Test

Question 1

What is an Entrepreneur?

Answer 1

A person who sees an opportunity to do business, then organizes, manages, and takes on the risk of running and operating a business.

Question 2

What are Business objectives?

Answer 2

The aim/goal of the business.

Question 3

What are Profits?

Answer 3

The amount of money you make, revenue deducting the cost of goods.

Question 4

What is Marketing?

Answer 4

The activity of promoting the buying/selling of the product or service.

Question 5

What are Business ethics?

Answer 5

The morals/principles of a business.

Question 6

What does CSR stand for?

Answer 6

Corporate Social Responsibility - where business leaders are concerned about the social and environmental impact of their business operations, and aim to reduce it as much as possible.

Question 7

What is Primary market research?

Answer 7

When entrepreneurs do surveys and experiments as they collect their data directly.

Question 8

What are the 4 P’s of marketing?

Answer 8

Product, price, promotion, place.

Question 9

What is the triple bottom line?

Answer 9

People, planet, and profits.

Question 10

What is a U.S.P?

Answer 10

Unique selling point/proposition - the special features that make a business product or service stand out.

Question 11

What is a Business plan?

Answer 11

A written document that provides essential information for the future of the company.

Question 12

What is a Supply-chain?

Answer 12

The logistics that consists of the facilities.

Question 13

What is Branding?

Answer 13

How a business promotes/advertises by showing its unique selling point.

Question 14

What is a CEO?

Answer 14

The leader that runs the business and leads it to success, responsible for big decisions.

Question 15

Characteristics of an entrepreneur

Answer 15

Effective communicator, flexibility and open-mindedness, vision, planner, time management, teamwork, leadership, risk-tolerance, risk-management

Question 16

Business objectives

Answer 16

Growth, Profit, Ethical Objectives

Question 17

Growth

Answer 17

The increase in size of business

Question 18

Profits

Answer 18

The amount of money a business makes after deducting the costs by the total revenue

Question 19

Ethical objectives

Answer 19

Something that a business does that are morally correct, follow the UNSDGs

Question 20

Corporate Social Responsibility

Answer 20

The action that a business does that impacts the society in a positive way, it morally helps there stakeholders, the community, society and the environment.

Question 21

Primary Market Research

Answer 21

Collect data directly

Question 22

3 examples of primary market research

Answer 22

Focus groups, surveys, interviews

Question 23

Secondary Market Research

Answer 23

The act of collecting data from another source

Question 24

3 examples of secondary market research

Answer 24

Media articles, academic journals, government publications

Question 25

Name the Marketing Mix

Answer 25

Product, price, promotion, place, people, processes, physical evidence

Question 25

Supply Chain

Answer 25

The network of firms, individuals, business operations, technologies that are involved in the creation and sale of the good.

Question 26

Branding

Answer 26

The marketing technique to give a product a unique name or identity

Question 27

How to do branding

Answer 27

1.Create a unique name and identity 2. Foster customer loyalty 3.Build trust 4.Emotional value 5.Charge premium prices

Question 28

Promotion

Answer 28

The various marketing techniques to inform consumers about the product and convince them to buy the product. It is about the communication methods to raise brand-awareness.

Question 29

Promotion Objectives

Answer 29

1. Persuasion- To build customer interest and convince them to buy the product 2. Information- To raise brand awareness and to give information about the product 3. Differentiation- What is different about your product and your competitors 4. Devotion- Building customer loyalty and a brand name