Making The Business Effective Flashcards
What is the primary goal of a business?
To make a profit.
True or False: A business can be effective without being efficient.
True.
Fill in the blank: The process of ensuring a business has the right resources to achieve its goals is known as _____ management.
resource.
What does SWOT stand for in business analysis?
Strengths, Weaknesses, Opportunities, Threats.
Which of the following is NOT a factor of production? A) Land B) Labor C) Money D) Capital
C) Money.
What is the term for the unique value a business offers to its customers?
Value proposition.
True or False: Market research is essential for understanding customer needs.
True.
What is the definition of ‘market segmentation’?
The process of dividing a market into distinct groups of buyers.
Fill in the blank: A business that aims to maximize customer satisfaction often focuses on _____ quality.
service.
What is a competitive advantage?
A condition that allows a company to produce goods or services better or more cheaply than its rivals.
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
A) Reducing costs.
What is the role of a business plan?
To outline a business’s goals and the strategy to achieve them.
True or False: Employee engagement is linked to business effectiveness.
True.
What does ‘lean management’ focus on?
Eliminating waste and improving efficiency.
Fill in the blank: The _____ strategy involves targeting a specific market segment.
niche.
What is the purpose of financial management in a business?
To ensure the business can meet its financial obligations and grow.
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
A) Employee turnover rate.
What is the significance of customer feedback?
It helps businesses improve products and services.
True or False: Branding has no impact on customer loyalty.
False.
What is the definition of ‘operational efficiency’?
The ability to deliver products or services in the most cost-effective manner without sacrificing quality.
Fill in the blank: The _____ mix refers to the combination of product, price, place, and promotion.
marketing.
What is the role of leadership in making a business effective?
To motivate and guide employees towards achieving business goals.
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
B) Personalized service.
True or False: Technology has no influence on business effectiveness.
False.
What is the purpose of a value chain analysis?
To identify the primary and support activities that add value to the final product.
Fill in the blank: A _____ strategy focuses on creating a unique product or service.
differentiation.
What does customer retention refer to?
The ability of a business to keep its customers over time.
