Making The Business Effective

Question 1

What is the primary goal of a business?

Answer 1

To make a profit.

Question 2

True or False: A business can be effective without being efficient.

Answer 2

True.

Question 3

Fill in the blank: The process of ensuring a business has the right resources to achieve its goals is known as _____ management.

Answer 3

resource.

Question 4

What does SWOT stand for in business analysis?

Answer 4

Strengths, Weaknesses, Opportunities, Threats.

Question 5

Which of the following is NOT a factor of production? A) Land B) Labor C) Money D) Capital

Answer 5

C) Money.

Question 6

What is the term for the unique value a business offers to its customers?

Answer 6

Value proposition.

Question 7

True or False: Market research is essential for understanding customer needs.

Answer 7

True.

Question 8

What is the definition of ‘market segmentation’?

Answer 8

The process of dividing a market into distinct groups of buyers.

Question 9

Fill in the blank: A business that aims to maximize customer satisfaction often focuses on _____ quality.

Answer 9

service.

Question 10

What is a competitive advantage?

Answer 10

A condition that allows a company to produce goods or services better or more cheaply than its rivals.

Question 11

Multiple choice: Which of the following is a method of enhancing business effectiveness? A) Reducing costs B) Increasing prices C) Ignoring customer feedback D) Limiting product range

Answer 11

A) Reducing costs.

Question 12

What is the role of a business plan?

Answer 12

To outline a business’s goals and the strategy to achieve them.

Question 13

True or False: Employee engagement is linked to business effectiveness.

Answer 13

True.

Question 14

What does ‘lean management’ focus on?

Answer 14

Eliminating waste and improving efficiency.

Question 15

Fill in the blank: The _____ strategy involves targeting a specific market segment.

Answer 15

niche.

Question 16

What is the purpose of financial management in a business?

Answer 16

To ensure the business can meet its financial obligations and grow.

Question 17

Multiple choice: Which of the following is a key performance indicator (KPI)? A) Employee turnover rate B) Number of coffee breaks C) Office decoration style D) Employee age

Answer 17

A) Employee turnover rate.

Question 18

What is the significance of customer feedback?

Answer 18

It helps businesses improve products and services.

Question 19

True or False: Branding has no impact on customer loyalty.

Answer 19

False.

Question 20

What is the definition of ‘operational efficiency’?

Answer 20

The ability to deliver products or services in the most cost-effective manner without sacrificing quality.

Question 21

Fill in the blank: The _____ mix refers to the combination of product, price, place, and promotion.

Answer 21

marketing.

Question 22

What is the role of leadership in making a business effective?

Answer 22

To motivate and guide employees towards achieving business goals.

Question 23

Multiple choice: Which of the following can enhance customer experience? A) Long wait times B) Personalized service C) Ignoring customer complaints D) Unclear product information

Answer 23

B) Personalized service.

Question 24

True or False: Technology has no influence on business effectiveness.

Answer 24

False.

Question 25

What is the purpose of a value chain analysis?

Answer 25

To identify the primary and support activities that add value to the final product.

Question 26

Fill in the blank: A _____ strategy focuses on creating a unique product or service.

Answer 26

differentiation.

Question 27

What does customer retention refer to?

Answer 27

The ability of a business to keep its customers over time.